Qatar's economy grows 2.4 percent in 2024 to $195.72 billion

Qatar's economy achieved a real growth rate of 2.4% in 2024, reaching 713 billion Qatari Riyals (approximately $195.72 billion USD) at fixed prices, up from 697 billion Qatari Riyals in 2023. This growth indicates the continued positive trajectory of Qatar's economy, demonstrating robust development momentum.

According to data from the National Bureau of Statistics, under the National Planning Council, Qatar's real GDP grew by 6.1% year-on-year in the fourth quarter of 2024, reaching 181 billion Qatari Riyals. This data further confirms the growth momentum of the Qatari economy, highlighting its strong performance in the final months of the year.

Dr. Abdulaziz bin Nasser Al Khalifa, Secretary-General of the National Planning Council, stated that the Qatari economy continues to maintain a significant growth rate, which helps the country move towards the goals of sustainable growth and economic diversification, in line with the 2024-2030 National Development Strategy. He pointed out that the latest data reflects the rapid expansion and increasing diversification of the Qatari economy, gradually moving away from its reliance on traditional hydrocarbons. The overall annual growth rate of non-hydrocarbon industries was 3.4%, while the hydrocarbon industry remained stable.

Although the hydrocarbon industry plays an important role in the Qatari economy, non-oil industries are developing steadily. In 2024, non-oil industries accounted for nearly 64% of total GDP, higher than the approximately 63% in 2023. This highlights the resilience of the Qatari economy and its ability to withstand economic fluctuations, including falling oil and gas prices and reduced demand for these resources.

Compared to the fourth quarter of 2023, the hydrocarbon industry grew by 6.2%, while the non-hydrocarbon industry grew by 6.1%, contributing 116.9 billion Qatari Riyals to the 181 billion Qatari Riyals GDP in the fourth quarter of 2024. "These indicators demonstrate the continuous progress of the Qatari economy, especially in the non-hydrocarbon industries, which continue to create new opportunities for growth and investment. By strategically focusing on economic diversification and the reinvestment of oil and gas revenues, Qatar is steadily building a robust and sustainable economy, in line with the Qatar National Vision 2030," Khalifa added.

Data shows that key non-oil industries contributing to growth in the fourth quarter include accommodation and food service activities, which had the highest growth rate of 14.7%, increasing from 1.7 billion Qatari Riyals to 2 billion Qatari Riyals. The financial industry grew by 11.1%, from 13.3 billion Qatari Riyals to 14.8 billion Qatari Riyals, while wholesale and retail trade grew by 9%, from 13.5 billion Qatari Riyals to 14.7 billion Qatari Riyals. In addition, real estate activities grew by 6.3%, from 12.7 billion Qatari Riyals to 13.5 billion Qatari Riyals.

Meanwhile, the construction industry achieved a growth of 9.6% after experiencing a downturn following the end of the construction boom in 2023. With the launch of new projects, the construction industry has rebounded, indicating a firm commitment from both the public and private sectors to invest in the local market and promote economic growth. Through continuous efforts in economic diversification and competitive industrial growth, Qatar is expected to strengthen its economic position in the region and globally. According to ICAEW data, this trend is in line with the growth prospects for the Gulf Cooperation Council region in 2025. The region will remain resilient, with GDP growth expected to be 4% this year, broadly in line with prevailing expectations and higher than the estimated 1.8% in 2024.