Qatar's LNG Exports Plunge by 96%, Economy Contracts by 8.6%

The ongoing conflict between the US and Iran has dealt a severe blow to Qatar's economy, particularly its liquefied natural gas (LNG) exports. The country, one of the world's largest LNG exporters, saw its exports plummet by 96% in the six months following the start of the war.

According to data from Reuters, Qatar lost nearly $24 billion in gas sales during this period, equivalent to about five months' worth of income for the country. This loss is largely due to damage to its gas infrastructure and disruptions to shipping through the Strait of Hormuz.

The conflict has also forced Qatar to slash government department budgets by up to 30% and reduce overseas aid spending by around 85%, according to a Financial Times report. The International Monetary Fund has forecast that Qatar's economy will contract 8.6% this year, the largest decline among the six Gulf states.