Qatar records 1.2% year-on-year real GDP growth in Q3-2023 as hydrocarbons sector grows faster

Qatar's inflation-adjusted (real) economy is estimated to have grown 1.2% year-on-year during the third quarter (Q3) of 2023, mainly on faster expansion in the hydrocarbons sector, according to the official data.

The real gross domestic product (GDP) rose faster at 4% on a quarterly basis during the review period as the non-oil sectors grew much faster than hydrocarbons, according to the Planning and Statistics Authority data.

The mining and quarrying sector, under which hydrocarbons fall, is estimated to have grown 2.3% year-on-year and the non-mining and quarrying sector by 0.6% to take the overall real GDP to QR177.33bn during Q3-2023.

The agriculture, forestry and fishing sectors grew 1.7% on an annualised basis in Q3-2023, but was down 1.5% quarter-on-quarter.

On a quarterly basis, the real GDP (at constant prices) growth during Q3-2023 was on account of a 0.8% rise in the mining sector and 6% in non-mining and quarrying sector.

Within the non-hydrocarbons sector, the accommodation and food service segment is estimated to have expanded 13% year-on-year in Q3-2023, followed by transport and storage by 7.1%, manufacturing 1.8%, real estate by 1.5% and wholesale and retail trade 0.5%.

Nevertheless, information and communication saw a 17.8% plunge year-on-year, construction 3%, finance and insurance 1.7% and utilities 1% during the review period.

On a quarterly basis, the accommodation and food services zoomed 38.2%, utilities 18.5%, wholesale and retail trade 18.1%, finance and insurance 10.7%, construction 8.2%, information and communication 7.6%, transport and storage 5.4% and manufacturing 4.5%; even as realty declined 2.4% during Q3-2023.

On a nominal basis (at current prices), Qatar's GDP is estimated to have declined 25.7% on an annualised basis but shot up 6.2% quarter-on-quarter at the end of Q3-2023.

The mining and non-mining sectors plummeted 25.7% and 1.7% year-on-year and quarter-on-quarter basis respectively during Q3-2023.

On a quarterly basis, both mining and non-mining sectors witnessed 8.7% and 4.6% expansion, leading to a growth in nominal economy during Q3-2023.

Within the non-hydrocarbons sector (in nominal terms), there was 13.2% plunge in the manufacturing, 6.9% in construction and 6% in information and communication; whereas finance and insurance saw 20.6% surge, utilities 11.1%, accommodation and food services 8.7%, realty 3.4%, wholesale and retail trade 1.8% and transport and storage 0.3% during Q2-2023.

On a quarterly basis in nominal terms, the accommodation and food services segment shot up 37.4%, utilities 17.8%, manufacturing 10.2%, information and communication 8.9%, finance and insurance 8.6% and transport and storage 6.4% during the review period.

However, the construction and real estate sectors recorded 5.5% and 4.6% contraction in nominal terms on a quarterly basis during Q3-2023.

The import duties, on real terms, are estimated to have declined 10.9% year-on-year but rose 2.6% quarter-on-quarter at the end of Q3-2023.

On nominal terms, the import duties reported a 9.8% contraction year-on-year, whereas it shot up 2.4% on a quarterly basis during the review period.