Qatari economy grows 2.4% YoY in 2024

21/03/2025 03:13 AST

Qatar's economy recorded a real growth rate of 2.4 percent in 2024, reaching QR713 billion in fixed-price terms, compared to QR697 billion in 2023.

According to data from the National Statistics Center at the National Planning Council, released today, Qatars real GDP grew by 6.1% year-on-year in the fourth quarter of 2024, reaching QR 181 billion, up from QR 170.1 billion in the same period of 2023.

Secretary-General of the National Planning Council (NPC) HE 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 20242030.

He pointed out that the latest data reflect 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% of total GDP, up from around 63% 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%, while non-hydrocarbon sectors expanded by 6.1%, contributing 116.9 billion riyals out of the 181 billion riyals 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%, rising from QR1.7 billion riyals to QR2 billion.

The financial sector grew by 11.1%, increasing from QR13.3 billion to QR14.8 billion, while wholesale and retail trade expanded by 9%, climbing from QR13.5 billion to QR14.7 billion.

Additionally, real estate activities grew by 6.3%, rising from QR12.7 billion to QR 13.5billion.

The construction sector also experienced a 9.6% 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 HE Dr. Abdulaziz bin Nasser Al Khalifa said that: "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 impressive 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.

The Peninsula