Qatar's nominal GDP set to scale up to $227bn this year, nearly $229bn in 2024: Emirates NBD

Qatar's nominal GDP is set to scale up to $227bn this year and nearly $229bn in 2024, Emirates NBD has said in a forecast.
The country’s real GDP growth has been forecast at 2.7% this year and 3% in 2024.
Qatar's current account as a percentage of GDP has been forecast at 29.8% in 2023 and 28.4% in 2024. Budget balance as a percentage of GDP has been forecast at 5.6% in 2023 and 6% in 2024.
Consumer price inflation (CPI) has been forecast at 3% this year and 2.5% in 2024, Emirates NBD said.
Developments in the banking sectors in the US and Europe have increased uncertainty about the outlook for rates, with markets now significantly more dovish than at the start of the year, and central banks holding the line with rate hikes in March. With inflation still well above target across developed markets, there are likely still more hikes to come, provided the financial sector stability issues are addressed and contained.
The current squall in financial markets has hit oil markets hard, and although Emirates NBD believes the fundamentals remain constructive, the bank have revised our annual price forecast lower to $88 on Brent crude prices from $105 previously.
This will have implications for GCC budgets, as oil remains a key contributor to government revenues in the region.
“We now expect Saudi Arabia to run a largely balanced budget this year, and the UAE’s projected surplus will likely be smaller than last year’s 10.5% of GDP. However, the outlook for growth in the region remains unchanged for now, as we had not expected a meaningful increase in oil output this year coming into 2023,” Emirates NBD said.