Economy of Qatar

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

Qatar's national income primarily derives from oil and natural gas exports. The country has oil reserves estimated at 15 billion barrels (2.4 km³). Qataris' wealth and standard of living compare well with those of Western European nations. Qatar has the highest GDP per capita in the developing world ($39,607 as of 2005).

While oil and gas will remain the backbone of Qatar's economy, the country is seeking to stimulate the private sector and develop a "knowledge economy". In 2004 it established the Qatar Science & Technology Park to attract and serve technology-based companies and entrepreneurs, from overseas and within Qatar.