(MENAFN- The Peninsula)
Arsalan Altaf
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The Peninsula
Doha, Qatar: Qatar has been witnessing a surge in the sale of new vehicles, especially automobiles, driven by the country's robust economic growth and steady rise in population.
The country saw 53,558 new vehicles registered in the first seven months of this year, compared to 47,111 vehicles registered in the same period in 2023, a 13.7 percent increase. Over 70 percent of all new vehicles registered this year so far are private vehicles, according to the data released by the National Planning Council.
The month of May saw the highest number of new vehicles registered in 2024 at 8,903, followed by January at 8,512. A total of 7,835 vehicles were registered in March, 7,733 in July, 7,231 in February, 7,011 in April, and 6,333 new vehicles were registered in June.
The surge in automobile sales is driven by sustained economic growth and a steady rise in the population. Qatar's total population stood at 3.054 million by the end of August 2024, according to the National Planning Council.
Qatar's population has been steadily rising over the years, in step with the remarkable economic growth and infrastructural development the country has witnessed in recent decades. The population has doubled over the last 16 years, rising from 1.54 million at the end of October 2008.
The highest population recorded, according to NPC figures, was 3,128,983 in February 2024, followed by 3,119,589 in March 2024. The population stood at 3,098,866 in April and 3,080,804 in May this year.
Following decades of rapid economic growth and infrastructural development, the country is also working to diversify its economy under the Qatar National Vision 2030. Qatar's GDP growth projection for this year stands at 2.2 percent and is expected to rise to 2.9 percent in 2025, according to a recent Economic Insight report for the Middle East, commissioned by ICAEW and compiled by Oxford Economics.
Qatar's Third National Development Strategy (NDS3) aims to achieve a four percent annual growth in non-hydrocarbon gross domestic product (GDP) by 2030. It also aims to attract net foreign direct investment of $100bn by the end of the decade. Other 2030 targets include an annual fiscal surplus of 5.5 percent of the GDP, six million annual visitors, and reducing GHG emissions by 25 percent.
While the country continues to attract talents from around the world, there has been a significant increase in the number of visitors and tourists to Qatar. Qatar welcomed around 3.6 million visitors in the first three quarters of 2024, according to Qatar Tourism statistics.
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