'Qatar's GDP Poised To Hit Qr791bn By Year-End'

(MENAFN- The Peninsula) Joel Johnson | The Peninsula

DOHA: Qatar's Economy is shifting towards a positive trajectory of growth with large-scale investments from the region and beyond.

Global macro models and analysts at Trading Economics noted that the GDP in Qatar is anticipated to amount to $217.05bn (QR791.23bn) by the end of 2025. The country has witnessed buoyant economic and infrastructural developments over the past years in order to host global events and sporting tournaments such as the FIFA World Cup Qatar 2022, Formula One, the upcoming basketball World Cup in 2027 and the 2030 Asian Games.

Officials recently highlighted the estimates of the average economic GDP growth rate for the years 2025-2029, stressing that the annual growth in the current year is expected to see growth upsurge to 2.4 percent, in addition to 2026 by 5.2 percent, in 2027 by 7.9 percent and in 2028 by 3.5 percent increase.

In 2029, it is expected that the economic growth will be in the range of 1.6 percent as the average over the five years will be 4.1 percent. They underscored that Qatar will witness a leap in its growing economy to 7.9 percent in 2027, from around 2.4 percent in the current year due to the start of production in the LNG expansion projects, and its gradual increase from 2026 until 2030 to reach the targeted levels of QatarEnergy, explaining that this gradual surge will be positively reflected in the country's well-positioned economy.

The Qatari economy is one of the swiftly-enhancing economies globally as industry leaders point out that high growth rates have been maintained due to the high cost of hydrocarbons on the world's commodities markets. However, these prices are anticipated to remain reasonably stable while Qatar's exports of gas continue to increase.

However, the majority of the increase in the GDP growth comes from the rise in sales of liquefied natural gas (LNG).

The country is noticing exceptional growth in its GDP over the past few years. As per IMF reports, Qatar is drawing both foreign and local investments, especially in infrastructure-related projects and construction activities.

Industry leaders emphasise that the Qatari government is currently diversifying the economy across various sectors including banking and finance, tourism, executive education, and technology, which contributes heavily to the GDP growth.

With the implementation of the Third National Development Strategy (NDS-3), Qatar is poised for a remarkable transformation and growth from a hydrocarbon-based economy to a diversified and knowledge-based economy by the decade-end.

On the other hand, the country strives to attain its Qatar National Vision 2030 objectives coupled with essential milestones across several sectors that are critical to Qatar's long-term success and growth. Market researchers outline that the recent accomplishments in key growth sectors like clean energy, logistics, tourism and sports, and artificial intelligence remain crucial for the country's progress and potential, which lies ahead.

As per its key econometric models, researchers at Trading Economy further accentuated that in the long-term, the Qatari economy is projected to trend nearly $221.82bn (QR808.62bn) in 2026 and $226.70bn (QR826.41bn) in 2027.

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