DOHA: The Qatar Central Bank's foreign currency reserves rose by QR15.3 billion to QR83.3 billion ($23 billion) by July this year, up from QR68 billion in January 2010, Qatar News Agency said, quoting a central bank report. The foreign currency reserves have risen during the past years from QR35.5 billion in 2008, QR40 billion in January 2009, QR47.3 billion in April 2009, QR60.5 billion in September 2009 to QR66.8 billion at the end of 2009. Gold reserves rose by QR140 million to QR1.7 billion from last January. Gold reserves have also risen in the past years from QR66.5 million in 2004 to QR1.2 billion in 2007, to QR1.3 billion in 2008 and to QR1.7 billion recently. The QCB focuses on maintaining banking and financial systems stability and managing foreign currency reserves in a way to maintain riyal s exchange rate against the US dollar. Meanwhile, Qatar's estimated third quarter 2010 gross domestic product (GDP) rose by 21.1 percent in the third quarter of 2010 to QR111.25 billion compare to QR91.85 billion in the same period last year, Qatar Statistics Authority (QSA)s data showed. The third quarter 2010 GDP also jumped 13.1 percent when compared to the QR98.38 billion figure in the second quarter. Mining and quarrying, which includes the oil and gas industry, was the biggest sector accounting for over 51 percent of Qatar's GDP in the third 2010. The sector grew by 36.2 percent compare to the same period in 2009, as production of liquefied natural gas and LNG, maintains a high growth. This sector's production reached QR76.58 billion compare to QR 43.13 billion in third quarter 2009.It grew by 19.9 percent in the third quarter compare to 8.9 percent in the first quarter of 2010 . The significant expansion of the natural gas production was a key element to achieve Qatar's GDP growth for the third quarter, the statement said. Principal hydrocarbon products as well witnessed major increases in the production, it added. The production of liquefied natural gas has progressed by 28 percent of major industries'' total production followed by natural gas liquids production by 22 percent. Manufacturing activity kept steady growth, noting that it rose by 3.4 percent from QR8.576 billion in the third quarter of 2010 compare to QR8.292 for the same period in 2009.
