The Report: Qatar 2016

Book excerpt: Qatar's sizeable oil and natural gas reserves have underpinned its rapid economic growth over the past two decades. Home to the world's largest non-associated gas field, the country is the world's fourth-largest producer of dry natural gas and the largest producer of liquefied natural gas, with hydrocarbons revenues forming the bulk of national income as a result. Although the drop in global energy prices has impacted export revenues, rigorous economic diversification drives in recent years have paid dividends, and in 2015 non-hydrocarbons growth reached 7.7%, compared to a 0.1% contraction for hydrocarbons growth during the same period. The country's financial sector has continued to evolve; Islamic banking in particular has witnessed significant progress. Meanwhile,