Qatar’s economy is maintaining a steady upward trajectory, propelled by robust diversification strategies and massive investments in LNG production. While the oil and gas sector remains a core contributor, non-hydrocarbon industries such as tourism, hospitality, and services are increasingly fueling national growth.
Thanks to prudent fiscal policies, private sector activity continues to thrive, even amid global economic headwinds. The banking sector, for instance, recorded a 7.6% year-on-year surge in aggregate earnings in Q4 2024, reflecting solid performance and resilience.
Listed companies on the Qatar Stock Exchange (QSE) reported a 16.2% increase in aggregate earnings, reaching approximately $3.16 billion in Q4, driven in part by a major rebound in the insurance sector, which reversed a $329 million loss in Q4 2023 to post $86 million in profits this year. Most sectors saw positive earnings growth. For the full year, total listed earnings rose 8.4%, reaching $14.17 billion, according to QNB Financial Services.
Meanwhile, Qatar is poised to unlock the full potential of its massive natural gas reserves through the ongoing North Field expansion projects. Once completed, these projects will boost LNG production capacity by 85%, increasing output from 77 million to 126 million tonnes per annum. Total LNG production is expected to hit 142 million tonnes per year, positioning Qatar as a dominant force in the global gas market. The expansion will also elevate Qatar’s total hydrocarbon output to over 7.25 million barrels of oil equivalent per day.
Looking ahead, Qatar’s economy is forecast to grow by 2.4% in 2025, with an average annual growth rate of 4.1% between 2025 and 2029. Increased LNG revenues, along with diversified sectoral growth, are expected to significantly boost GDP over the coming years, solidifying Qatar’s position as one of the region’s most dynamic and future-ready economies.
Source: The Peninsula
