Qatar’s economy grew by 2.4% in real terms during 2024, reaching QR713 billion (195.6billion) at constant prices,191.2 billion) in 2023, according to official data from the National Planning Council.
Key Economic Highlights
- Q4 2024 Surge: The economy accelerated with 6.1% year-on-year growth in the fourth quarter, reaching QR181 billion ($49.7 billion).
- Diversification Gains: Non-hydrocarbon sectors now contribute 64% of GDP, up from 63% in 2023, growing at 3.4% annually.
- Hydrocarbon Stability: Oil and gas activities remained steady, expanding by 6.2% in Q4.
Top Performing Non-Hydrocarbon Sectors (Q4 2024)
| Sector | Growth Rate | Value (2024) |
|---|---|---|
| Accommodation & Food Services | 14.7% | QR2bn ($549m) |
| Financial Services | 11.1% | QR14.8bn ($4.1bn) |
| Wholesale & Retail Trade | 9.0% | QR14.7bn ($4bn) |
| Real Estate | 6.3% | QR13.5bn ($3.7bn) |
| Construction (Recovery) | 9.6% | – |
Strategic Vision Driving Growth
Dr. Abdulaziz bin Nasser Al Khalifa, Secretary-General of the National Planning Council, stated:
“Qatar’s economy is demonstrating resilient growth, with non-hydrocarbon sectors creating new investment opportunities. Our National Development Strategy 2024–2030 and Qatar Vision 2030 are paving the way for a sustainable, diversified economy.”
Economic Resilience & Future Outlook
- Diversification Success: Reduced reliance on hydrocarbons despite global oil price volatility.
- Construction Revival: New projects reversed 2023’s slowdown, signaling renewed public-private sector confidence.
- Global Positioning: Qatar aims to strengthen its regional and global economic role through competitive sectors and SDG-aligned policies.
Source: Arabian Business
