MrWeb's MR-a-thon

In 2008, on the back of high oil prices, Qatar posted its eighth consecutive budget surplus. Economic policy is focused on developing non-associated natural gas reserves and increasing private and foreign investment in non-energy sectors, but oil and gas still account for more than 50% of GDP, roughly 85% of export earnings, and 70% of government revenues.

Proved oil reserves of 15 billion barrels should enable continued output at current levels for 37 years. Qatar's proved reserves of natural gas are nearly 26 trillion cubic meters, about 14% of the world total and third largest in the world.

Before the discovery of oil, the economy of the Qatari region focused on fishing and pearl hunting. After the introduction of the Japanese cultured pearl onto the world market in the 1920s and 1930s, Qatar's pearling industry faltered. However, the discovery of oil, beginning in the 1940s, completely transformed the state's economy. Now the country has a high sta'dard of living, with many social services offered to its citizens and all the amenities of any modern state.

According to the CIA World Factbook: Japan, South Korea, Singapore, and India are the main export partners, with exports totalling $37.24 billion in 2009. The main export commodities are liquefied natural gas (LNG), petroleum products, fertilizers, steel. The main import partners are the US, Italy, South Korea, Japan, Germany, France, the UK, China, UAE, and Saudi Arabia (2009), with imports of machinery and transport equipment, food, chemicals totalling $20.89 billion.