- Qatar’s GDP grew by 2% in Q3 2024, reaching QR180.23bn at constant prices, compared to QR176.7bn in Q3 2023.
- The non-hydrocarbon economy saw a 4.5% real growth, particularly in sectors like finance, insurance, construction, and transportation.
- The construction sector grew by 7.7% year-on-year at constant prices, contributing more than 11% to Qatar’s GDP in Q3.
- Financial and insurance services experienced a strong 10.6% growth in real terms, contributing QR21.8bn nominally.
- Transport and storage activities grew by 5.4% in real terms, making up 4.1% of Qatari GDP in Q3 2024.
Qatar’s economy achieved significant growth during the third quarter of 2024, reinforcing the country’s commitment to sustainable economic progress outlined in its Third National Development Strategy (NDS3).
The National Planning Council, through the National Statistics Centre, reported a 2% increase in Qatar’s gross domestic product (GDP) at constant (real) prices compared to the same period in 2023. This progress underscores Qatar’s ability to diversify its economy and reduce reliance on the hydrocarbon sector.
Positive GDP Performance
In Q3 2024, Qatar’s estimated GDP at constant prices reached QR180.23 billion, compared to QR176.7 billion during the same period in 2023. This growth reflects Qatar’s steady economic expansion and the implementation of strategic initiatives aimed at diversification. At current prices, GDP increased to QR204.08 billion, marking a growth of 1.8% year-on-year.
The Secretary-General of the National Planning Council, Dr. Abdulaziz bin Nasser bin Mubarak Al Khalifa, highlighted the significance of these results. He emphasized that the progress reflects Qatar’s robust economic foundation and its successful journey toward diversification, particularly in non-hydrocarbon sectors like finance, insurance, construction, and transportation.
Diversification Fuels Economic Growth
Qatar’s non-hydrocarbon economy showcased remarkable resilience and growth, recording a 4.5% increase in real terms and a 3.1% rise in nominal terms. These numbers underscore the nation’s commitment to building a diversified economy that fosters growth in sectors such as tourism, manufacturing, and financial services.
Dr. Al Khalifa reiterated Qatar’s focus on sustainable economic growth, stating that the country is adopting a model designed to transform it into a competitive and productive economy. This strategy aligns with the priorities outlined in the Third National Development Strategy, driving Qatar’s development agenda forward with renewed vigor.
Sector-Specific Growth
Construction Sector
The construction sector emerged as a key contributor to Qatar’s GDP, reflecting significant growth. It recorded a 7.7% increase at constant prices compared to Q3 2023 and a 2.3% rise from the previous quarter.
At current prices, the sector grew by 6.2% year-on-year and 10.3% quarter-on-quarter. The construction sector accounted for over 11% of Qatar’s GDP during this period, highlighting its crucial role in the nation’s economic development.
Financial and Insurance Services
Financial and insurance services demonstrated robust growth, with a 10.6% year-on-year increase in real terms and an 8.4% rise in nominal terms. This sector contributed QR21.8 billion to the economy in Q3 2024 (QR15.5 billion in real terms), representing 8.6% of GDP in real terms and 10.7% in nominal terms. Its expansion underscores Qatar’s emergence as a regional hub for financial services.
Wholesale and Retail Trade
The wholesale and retail trade sector saw steady growth, with a 3.5% increase in real terms and a 4.2% rise in nominal terms year-on-year. This sector contributed QR13.66 billion to Qatar’s economy in Q3 2024 and accounted for 7.1% of GDP in nominal terms and 7.6% in real terms. The figures highlight the sector’s importance in Qatar’s economic landscape.
Real Estate Activities
Real estate activities also experienced growth, recording a 3.4% increase in real terms and a 3.0% rise in nominal terms compared to Q3 2023. The sector contributed QR12.4 billion in nominal terms and represented 6.1% of GDP, showcasing its steady role in economic diversification.
Transport and Storage
Transport and storage activities achieved notable growth, increasing by 5.4% in real terms and 3.0% in nominal terms year-on-year. On a quarterly basis, the sector grew by 3.4% in real terms and 10.0% in nominal terms.
This sector contributed QR9.98 billion in nominal terms and QR7.44 billion in real terms to the economy, making it the eighth-largest sector in Q3. Transport and storage activities accounted for 4.1% of GDP in real terms and 4.9% in nominal terms. These numbers reflect Qatar’s progress in establishing itself as a hub for logistics and tourism activities.
Quarterly Economic Performance
On a quarterly basis, Qatar’s economy demonstrated resilience and momentum. The GDP grew by 4.1% in nominal terms, equivalent to approximately QR8 billion, compared to Q2 2024.
In real terms, the economy expanded by 1.9% quarter-on-quarter. These results underscore Qatar’s ability to sustain economic growth across various sectors, even within a dynamic global economic environment.
Achievements Aligned with National Vision
The National Planning Council described the Q3 results as encouraging and a testament to Qatar’s strategic approach to economic development. The annual growth in non-mining activities, which achieved a 4.5% real increase and a 3.1% nominal rise, highlights the nation’s progress in diversifying its economy.
This diversification aligns with Qatar’s long-term goals of transforming into a hub for various industries, including tourism, manufacturing, and financial services.
Future Outlook
The results from Q3 2024 affirm Qatar’s commitment to economic sustainability and diversification. The nation’s focus on sectors beyond hydrocarbons, combined with strategic investments and reforms, positions it for continued growth. As Qatar advances its Third National Development Strategy, it remains dedicated to achieving its vision of becoming a globally competitive and diversified economy.
The steady growth across multiple sectors, particularly construction, finance, wholesale trade, and transport, reflects the success of Qatar’s policies. By fostering a balanced and inclusive economic model, Qatar is poised to navigate future challenges and capitalize on opportunities for sustained development.
Overall, the third quarter of 2024 marked another milestone in Qatar’s economic journey. The progress achieved not only reflects the nation’s resilience and adaptability but also sets a strong foundation for future growth.
As Qatar continues to implement its development strategy, the focus on sustainability and diversification will remain central to its vision of achieving long-term economic prosperity.
