Qatar economy weathers Saudi-led blockade — report

Qatar’s economy has weathered the impact of a months-long blockade by neighboring countries, although its tourism and real estate sectors have taken a hit, according to a new economic report.

The tiny Gulf state’s economy has maintained positive growth in the seven months since Saudi Arabia, United Arab Emirates, Bahrain and Egypt imposed an air and land siege, says the report by Capital Economics.

“Recently released national accounts data confirmed that Qatar avoided the worst fears that the diplomatic crisis would plunge its economy into recession,” the independent London-based research firm says.

The economy of the gas-rich state grew by 1.9 percent in the third quarter of last year, up from 0.3 percent in the previous quarter, it adds.

The Saudi-led bloc of countries accuses Qatar of supporting extremist groups and of being too close to Iran, charges Doha denies.

— AFP