Qatar’s economy recorded a real growth rate of 2.4 percent in 2024, reaching QR713bn ($195.6bn) in fixed-price terms, compared to QR697bn ($191.2bn) in 2023.
According to data from the National Statistics Centre at the National Planning Council Qatar’s real GDP grew by 6.1 per cent year-on-year in the fourth quarter of 2024, reaching QR181bn ($49.7bn), up from QR170.1bn ($46.7bn) in the same period of 2023.
Secretary-General of the National Planning Council (NPC) Dr. Abdulaziz bin Nasser Al Khalifa confirmed that the Qatari economy continues to experience remarkable growth rates, sustaining the country’s progress toward sustainable growth and economic diversification, in line with the National Development Strategy 2024–2030.
Qatar economy
He pointed out that the latest data reflects the rapid expansion and increasing diversification of the Qatari economy, which is progressively moving beyond its traditional dependence on hydrocarbons.
Non-hydrocarbon activities collectively grew by 3.4 percent annually, while hydrocarbon activities remained stable.
Despite the significant role of hydrocarbon activities in the GDP, non-hydrocarbon sectors are steadily gaining ground. In 2024, non-hydrocarbon activities accounted for nearly 64 per cent of total GDP, up from around 63 per cent in 2023.
This highlights the resilience of the Qatari economy and its ability to withstand economic fluctuations, including declining oil and gas prices and reduced demand for these resources.
Compared to the fourth quarter of 2023, hydrocarbon activities grew by 6.2 per cent, while non-hydrocarbon sectors expanded by 6.1 per cent, contributing QR116.9bn ($32.1bn) out of the QR181bn ($49.7bn) in GDP for Q4 2024.
Non-hydrocarbon activities are increasingly driving growth, in line with Qatar National Vision 2030 and the initiatives of the Third National Development Strategy, which has outlined a clear roadmap for economic diversification in collaboration with the private sector and the reinvestment of oil and gas revenues to build a sustainable economy.
According to the data, the key non-hydrocarbon sectors that recorded growth in the fourth quarter include:
- Accommodation and food services, which saw the highest growth rate at 14.7 per cent, rising from QR1.7bn ($466.5m) riyals to QR2bn ($549m)
- The financial sector grew by 11.1 per cent, increasing from QR13.3bn ($3.6bn) to QR14.8bn ($4.1bn)
- Wholesale and retail trade expanded by 9 per cent, climbing from QR13.5bn ($3.7bn) to QR14.7bn ($4bn)
- Real estate activities grew by 6.3 per cent, rising from QR12.7bn ($3.5bn) to QR13.5bn ($3.7bn).
The construction sector also experienced a 9.6 per cent growth after a period of decline in 2023, following the end of the construction boom.
However, it rebounded with the launch of new projects, demonstrating a strong commitment from both the public and private sectors to investing in the local market and driving economic growth.
Secretary-General of the National Planning Council Dr. Abdulaziz bin Nasser Al Khalifa said: “These indicators demonstrate the consistent progress of Qatar’s economy, particularly in the non-hydrocarbon sectors, which continue to open up new opportunities for growth and investment.
“With a strategic focus on economic diversification and the reinvestment of oil and gas revenues, Qatar is steadily building a robust and sustainable economy, in alignment with Qatar National Vision 2030.”
The economic performance in Q4 of 2024 marks a significant step toward achieving the Sustainable Development Goals. Moreover, through its ongoing efforts in economic diversification and the growth of competitive sectors, Qatar is poised to strengthen its economic position both regionally and globally.
