JP Morgan sees Qatar's economy contracting 9% after Ras Laffan attack

LONDON, March 20 (Reuters) - Qatar's economy is now likely to contract by 9% this year after missile attacks this week caused serious damage to it giant Ras Laffan LNG facility, analysts at JPMorgan warned on Friday.

The Iranian attack damaged 17% of Ras Laffan's production capacity and could take three to five years to repair, Qatar authorities have said. Losses are substantial, with authorities estimating a loss of $20 billion per year.

"After already downgrading (Qatar's headline GDP) forecast in the last weeks, we now project Qatar's GDP will contract by 9% in 2026, a 14 percentage point swing from approximately one month ago," JP Morgan analysts said in a note.