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Friday, April 24, 2009

Qatar Economy and Jobs Market Bucks Trend

News reports have recently been focussing on prediction's that Qatar's GDP is to touch 9%. This has in fact been predicted for months but in the current economic climate it's no suprise that the predicted growth is attracting attention - and not least from job seekers desperate to find work.

What is remarkable is that the GDP will be increasing despite the fall in the prices of Qatar's key exports, gas and oil. The fall in the price of oil has been well documented, but huge amounts of gas are also coming online, with the production of natural gas increasing in America contrary to predictions by Greenspan in 2003 that natural gas supplies in the US had peaked. As it turned out, increasing prices stimulated investment into extracting gas from areas previously considered too challenging and expensive. As production went on the extractors became better at the job and prices fell.

Nevertheless, the huge quantities of natural gas that has been and is coming online in Qatar in 2008 and 2009 is predicted to raise GDP. Qatar is fortunate also to have a contract with the UK, a country which will be glad to reduce its reliance on Russia, and is now exporting Liquid Natural Gas (LNG) to a huge new LNG terminal in Milford Haven, Wales.

Although the 9% increase in GDP represents a fall from the breakneck speed of former years, it will be a relief to those worried about their jobs in Qatar, as well as to job seekers from abroad seeking an oasis from the rocky world economy. Indeed, a quick glance at our jobs listing shows that there are currently 381 vacancies available for job seekers in Qatar - less than the 841 available in Saudi Arabia, but pretty impressive given Qatar's small size.

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