'Qatar's Economy Sustains Growth And Progresses Steadily Towards Diversification'

DOHA: The Secretary-General of the National Planning Council (NPC), Dr. Abdulaziz bin Nasser Al Khalifa confirmed that the Qatari economy continues to experience remarkable growth rates.

Referring to the 2024 GDP data, he revealed a real growth rate of 2.4% compared to 2023, with the GDP reaching QR713bn at constant prices in 2024, up from QR697bn in 2023. This growth reflects the state's strong trajectory towards sustainable development and economic diversification, in alignment with the Third National Development Strategy (NDS3).

Furthermore, data released yesterday by the National Statistics Center at NPC revealed a 6.1% year-on-year real GDP growth at constant prices for Q4 of 2024, compared to the same period in the previous year. The estimates reached QR181bn, up from QR170.1bn for the same quarter of 2023. This trend signals accelerating growth and increased diversification in the Qatari economy, shifting away from its traditional reliance on the hydrocarbon sector. Notably, non-hydrocarbon sectors demonstrated impressive performance, with a combined annual growth of 3.4%, while hydrocarbon activities remained stable.

Despite the significant role of hydrocarbon activities in the GDP, non-hydrocarbon sectors are steadily gaining ground. In 2024, non-hydrocarbon activities accounted for nearly 64% of total GDP, up from around 63% in 2023. This highlights the resilience of the Qatari economy and its ability to withstand economic fluctuations, including declining oil and gas prices and reduced demand for these resources.

Compared to Q4 2023, hydrocarbon activities grew by 6.2%, while non-hydrocarbon activities grew by 6.1%. The non-hydrocarbon sector contributed QR116.9bn to Qatar's total GDP of QR181bn in Q4 2024.

Non-hydrocarbon activities remain a key driver of Qatar's growth, in line with Qatar's National Vision 2030 and the initiatives of NDS3, which lay out a clear roadmap for economic diversification in partnership with the private sector, while reinvesting oil and gas revenues to build a sustainable economy.

The following key non-hydrocarbon activities achieved notable growth in the fourth quarter of 2024:

Accommodation and restaurants: Recorded the highest growth at 14.7%, increasing from QR1.7bn to QR2bn.

Financial activities: Grew by 11.1%, increasing from QR13.3bn to QR14.8bn.

Wholesale and retail trade: Grew by 9%, increasing from QR13.5bn to QR14.7bn.

Real estate activities: Grew by 6.3%, increasing from QR12.7bn to QR13.5bn.

The construction sector grew by 9.6%, following a decline in 2023, after the end of the construction boom. However, it has regained momentum fueled by the launch of new projects. This rebound reflects the strong commitment of both the public and private sectors to investing in the local market and spurring economic growth.

Dr. Abdulaziz bin Nasser Al Khalifa, Secretary-General of the National Planning Council, stated:“These indicators demonstrate the consistent progress of Qatar's economy, particularly in the non-hydrocarbon sectors, which continue to open up new opportunities for growth and investment. With a strategic focus on economic diversification and the reinvestment of oil and gas revenues, Qatar is steadily building a robust and sustainable economy, in alignment with Qatar National Vision 2030.”

The impressive economic performance in Q4 of 2024 marks a significant step toward achieving the Sustainable Development Goals. Moreover, through its ongoing efforts in economic diversification and the growth of competitive sectors, Qatar is poised to strengthen its economic position both regionally and globally.

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