Qatar's GDP grows by 2% in Q3 of 2024: NPC

The Qatari economy recorded growth at constant (real) prices of 2% during the third quarter of 2024 compared to the same period last year.

Data issued on Tuesday by the National Planning Council (NPC), through the National Statistics Centre, showed that Qatar's estimated gross domestic product (GDP) for the third quarter of 2024 reached about QR180.23bn at constant prices, compared to QR176.7bn during the same period in 2023.

In a statement, the National Planning Council explained that these estimates reflect accelerated growth and increasing diversification in Qatar economy, which continues to expand beyond traditional reliance on hydrocarbon sector. The council emphasized that this progress aligns with Qatar's commitment to achieving sustainable economic growth as one of the goals of the Third National Development Strategy (NDS3).

Commenting on these results, Secretary-General of the National Planning Council, Dr Abdulaziz bin Nasser bin Mubarak al-Khalifa, stated that these estimates are evidence of Qatar's strong economic progress in particular, Qatar's non-hydrocarbon economy, which represents a significant milestone in the journey towards economic diversification. This can be seen across critical economic activities such as finance and insurance, construction, and transportation.

He added that Qatar is adopting a model of sustainable growth to transform into a competitive, productive and diversified economy, driving the economic development agenda forward with a clear focus and renewed energy, in line with the priorities laid out in NDS3.

The National Statistics Center also reported that the estimated GDP at current prices reached approximately QR204.08bn in the third quarter of 2024, registering a growth of 1.8% compared to the same period last year.

The council described these positive results as inherently encouraging, noting that Qatar's strong economic performance is evident in the annual growth of non-mining activities, which achieved a 4.5% real increase and a 3.1% nominal increase.

The council pointed out that this strong growth emphasises Qatar's progress in building a diversified economy. Growth in the non-hydrocarbon economy accelerates Qatar's progress towards becoming a hub for tourism, manufacturing, financial services, and many other sectors.

On a quarterly basis, the Qatari economy grew 4.1% in nominal terms equivalent to approximately QR8bn compared to the second quarter of 2024, and by 1.9% in real terms.

The construction sector recorded a growth of 7.7% at constant prices during the third quarter of 2024 compared to the same period in 2023 and 2.3% compared to previous quarter. It also achieved a growth rate of 6.2% at current prices on an annual basis and 10.3% on a quarterly basis. The construction sector contributed more than 11% to Qatar's GDP in the third quarter of the year.

Financial and insurance services saw strong growth, at 10.6% year on-year in real terms, and 8.4% in nominal terms. This is a sector of growing importance to Qatar representing 8.6% of GDP in real terms and 10.7% in nominal terms, and contributing QR21.8bn to the economy in Q3-2024.

Wholesale and retail trade saw year-on-year growth of 3.5% in real terms and 4.2% in nominal terms, and now reflects 7.1% of the Qatari economy (7.6% in real terms). Its activity contributed QR13.66bn in Q3 alone.

Real estate activities saw a 3.4% year-on-year growth in real terms, and 3.0% in nominal terms, contributing QR12.4bn in Q3 (nominal) and representing 6.1% of Qatari GDP.

Transport and storage activities saw a 5.4% growth in Q3, in real terms vs. the same period last year. In nominal terms, it grew by 3.0% versus Q3-2023. On a quarterly basis, growth was 3.4% in real terms and 10.0% in nominal terms. Together, these figures demonstrate progress for Qatar as it continues to grow as a hub for both the logistics and tourism activities.

But in real terms, manufacturing contracted by 2.7 % in Q3 versus the same period last year, although it did grow 5.2% quarter-on-quarter. In nominal terms the picture is similar, with 5.8% contraction year-on-year balanced out by 5.9% growth quarter-on-quarter.