Insurance Sector 0.5% Of Qatar's GDP, HE Minister of Economy Says

Doha , March 11 (QNA) - HE Minister of Economy and Finance Youssef Hussein Kamal Chairman of the Qatar Financial Centre Authority (QCFA) said Monday that the insurance industry represented 0.5% of Qatar's GDP. HE the Minister was giving a speech at the opening of Multaqa Qatar 2013. The conference highlights opportunities for international businesses in the region in the insurance and reinsurance sector. It is hosted by the Qatar Financial Centre Authority (QFCA). HE the Minister said that the stake of the insurance sector in Qatar's GDP was a result of two main reasons: firstly, the high incomes on average of people residing in Qatar. Secondly, the positive prospects regarding the Qatari economy over the next five years also played a role according to the Minister. HE the Minister of Economy and Finance stressed that the growth in the non-Hydrocarbon sectors is in line with Qatar National Vision 2030 of diversifying the national economy. HE the Minister noted that the infra-structure was one of the leading non-oil sectors in the country, with investment expected to reach $140 million by 2019. The construction sector is also expected to grow by 10% this year, according to the Minister. The transport and the telecommunication sectors are also expected to grow by 15% this year. The services sector in general is expected to grow by a massive 60% this year. The Qatari economy grew by an average of 13% from 2008 to 2012. (QNA)