Qatar’s economy grew 1.2% year-on-year in Q3 2023

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Qatar’s real gross domestic product (GDP) increased 1.2 per cent year-on-year (YoY) in the third quarter of 2023, government estimates showed on Thursday.

Estimated quarterly GDP at constant prices, adjusted for inflation, stood at riyals $48.6bn (QAR177.3bn) in the quarter, compared with an estimate for the same quarter of QAR175.2bn, according to the Planning and Statistics Authority.

GDP rose 4 per cent from the second quarter of last year.

Qatar, among the world’s top exporters of liquefied natural gas (LNG), posted a budget surplus of QAR1.4bn in the final quarter of 2023, which was used to reduce public debt.

It remains heavily reliant on gas revenue for government income despite efforts to diversify economic sectors and revenue streams.

An April Reuters poll of economists forecast GDP growth of 2.2 per cent in 2024, followed by 2.9 per cent in 2025 and 5 per cent in 2026.

The International Monetary Fund forecast growth in the Gulf region would average 2.4 per cent in 2024, slightly lower than the Reuters poll prediction of 2.5 per cent.

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