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Oil and gas reserves have transformed Qatar from an impoverished outcrop on the Arabian Peninsula into one of the richest
countries in the world. The oil deposits located and exploited from the 1970s onwards were of unusually high quality and generated
a substantial income for the country. In addition, one of the world’s largest natural gas fields, known as the North Field,
was discovered in Qatari waters in the late 1980s. Measured by revenue, gas production has now outstripped oil and is set
to remain Qatar’s principal source of income for the foreseeable future.
Agriculture is necessarily limited by climate and water resources. Some indigenous industry exists, mainly based on petrochemicals
and refining but also including steel, concrete and cement, plastics, paint and flour. The Qatari government has earmarked
US$5 billion for further industrialisation projects over the coming years. Current economic performance is good with an annual
growth of 8.5 per cent and inflation of 2.3 per cent. Qatar is a member of OPEC, the Arab Monetary Fund and the Islamic Development
Bank. It also belongs to the World Trade Organisation. Currently, most of Qatar’s oil and gas is sold to Japan and Italy.
EU countries, Japan and the USA are the country’s main trading partners.
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Overview 
