As is the case for it's Middle Eastern neighbours, Qatar is over-reliant on oil and natural gas. The industries account for 50 percent of Qatar's GDP, 85 percent of export earnings and 70 percent of government revenues.
Qatar’s oil production operates close to its threshold, however potential avenues for growth in its natural gas industry remain, with large natural gas reserves discovered off Qatar’s northeast coast.
Looking forward, Qatar’s “National Vision for 2030” seeks to capitalise its large natural gas reserves and create a diverse economy through the expansion of industries and services that have competitive advantages and from hydrocarbon industries.
Qatar’s industrial development is centred around its major oil refineries and sea ports. The Mesaieed industrial city for example is managed by a subsidiary of Qatar Petroleum, and houses numerous other companies from different industries including Qatar Fertiliser Company, Qatar Steel, Qatar Petrochemical Company, Qatar Vinyl Company, Qatar Chemicals Company and Qatar Aluminium.
Qatar Industry Sectors
Qatar has a highly industrialised economy, 78.8 percent of its GDP in 2010 was derived from the industry sector. The service sector on the other hand only made up 21.1 percent of Qatar’s GDP, while agriculture contributed 0.1 percent.
Qatar's rapid economic growth is led by its oil and gas industry, as well as other industries such as petrochemicals, steel and fertilisers. The country has maintained positive growth across all its industries. Industries Qatar (IQ) is the Middle East’s second largest chemical producer behind Saudi Basic Industries Organisations. The organisation has also invested in several expansion projects owing to annual profits of (estimated) US$2 billion.
Qatar had the world’s fastest industrial production growth rate in 2010, rising by 27.1 percent from the previous year. This followed double-digit growth trends from the past two years.
Qatar’s main industries include crude oil production and refining, ammonia, fertilizers, petrochemicals, steel reinforcing bars, cement, and commercial ship repair.