Qatar's energy profits fall by 32 percent in 2023, IMF expects GDP growth of 1.9 percent

2024-07-08 08:22:57

(MENAFN) Officially released government data on Sunday indicated that Qatar's consumer price index experienced a 0.93 percent increase in May compared to the same period last year. This rise coincides with reassurances from the International Monetary Fund (IMF) regarding Qatar's economic recovery trajectory, expected to normalize following the significant economic boost from hosting the 2022 World Cup.

Meanwhile, Qatar Energy reported a 32 percent decline in profits for 2023, primarily due to lower gas prices. Despite this setback, the IMF underscored Qatar's resilience in the face of recent global economic challenges, affirming a positive economic outlook for the country. The IMF also noted that the ongoing conflict between Israel and Hamas has not yet demonstrated a clear impact on Qatar.

Looking ahead, the IMF forecasts Qatar's GDP to grow by 1.9 percent in 2024. Over the medium term, the Qatari economy is projected to expand by an average of 5.5 percent, supported by significant advancements in liquefied natural gas production and the implementation of fiscal and structural reforms.

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