Home Industry Economy Qatar’s economy grew 1.2% year-on-year in Q3 2023 The Gulf state posted a budget surplus of QAR1.4bn in the final quarter of 2023, which was used to reduce public debt by Reuters May 3, 2024 Image credit: Matteo Colombo/ Getty Images 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. Read: Iraq, Turkey, Qatar, UAE sign preliminary deal for $17bn Development Road project Tags Economy LNG Qatar You might also like UAE’s ADNOC Gas boosts capex to $15bn on booming LNG market Insights: How regtech can turbocharge economic transformation UAE’s ADNOC agrees multi-year LNG supply deal with SEFE New Zealand seals trade deal with GCC to boost exports, investment