São Paulo – Qatar’s Gross Domestic Product (GDP) is expected to grow by 4.3% this year compared to 2021. Data was released in a study by the Brazilian Trade and Investment Promotion Agency (ApexBrasil) released this Tuesday (25).
The factors that could drive this scenario are the increasing price of hydrocarbons, such as natural gas, escalated by the conflict in Ukraine, and the choice of Qatar to host the FIFA World Cup this year, a global event to boost the tourism sector in the Arab country.
For these reasons, the study brings data from companies such as Fitch Solutions, which pointed out that the increase in Qatar’s fiscal surplus could go from 0.3% last year to 9.5% in 2022. This scenario would allow more investments and increase the growth potential of the country’s economy.
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Regarding the Arab country’s total trade balance, ApexBrasil pointed out Qatar’s economy remains dependent on hydrocarbon exports, mainly natural gas. Therefore, one of the focuses of the development plan promoted by the Qatari government, National Vision 2030, is to modernize and diversify the local economy.
Although Brazil-Qatar bilateral trade has expanded recently, its balance has become a deficit for Brazil, with average annual growth in imports of 15.3% from 2017 to 2021, while Brazilian exports have declined by an average of 9.3% in that period.
Trade between the two countries is also concentrated in a few products. For example, in Brazilian exports, the share of poultry and beef was 55.5% last year. In Qatar’s sales to Brazilians, the higher percentage comes from fertilizers and chemicals, which accounted for 87.7% of revenue.
Translated by Elúsio Brasileiro
