Doha
Qatar’s economy grew to QR204.08 billion in the third quarter of 2024 in nominal terms, and to QR180.23 billion in real terms, according to preliminary estimates of Qatar’s Gross Domestic Product (GDP) figures for Q3 2024. This represents growth of 1.8% and 2.0%, respectively, the National Planning Council said.
These estimates show a growing, diversifying economy, with an increasingly broad base beyond the traditional hydrocarbon economy.
These results are strong on their own – but the strength of Qatar’s economic performance is underlined by the growth in non-Mining and Quarrying activities, which grew by 4.5% in real terms and 3.1% in nominal terms, year-on-year – worth an extra QR5 billion, in constant prices, to the economy.
This strong growth emphasises Qatar’s progress to building a diversified economy. Growth in the non-hydrocarbon economy accelerates Qatar’s progress towards becoming a hub for tourism, manufacturing, financial services, and many other sectors.
This growth also represents an acceleration in growth in comparison to Q2 2024 (0.8% real GDP growth, year-on-year) and Q1 2024 (1.5% real GDP growth, year-on-year).
On a quarterly basis, the Qatari economy grew by 4.1% nominally – almost QR 8bn – in comparison to Q2 2024, and 1.9% in real terms. On an activity level, we see year-on-year and quarter-on-quarter growth from a broad range of activities.
These include major parts of the Qatari economy, such as Construction (2nd largest activity in real terms) Financial and Insurance activities (4th), Wholesale and retail trade (5th) and Real estate (6th). Additionally, quarterly growth (but not year-on-year growth) was recorded in Mining and Quarrying (1st) and Manufacturing (3rd). Taken together, these results demonstrates Qatar’s increasingly diversified and resilient economy.
Significant growth was to be found in Construction with 7.7% real terms year-on-year growth and 2.3% quarter-on-quarter growth.
This is reflected in the nominal data too, with 6.2% growth year-onyear and 10.3% quarter-on-quarter. Construction made up over 11% of Qatar’s GDP in Q3.
Financial and insurance services saw strong growth, at 10.6% yearon-year in real terms, and 8.4% in nominal terms. This is a sector of growing importance to Qatar – representing 8.6% of GDP in real terms and 10.7% in nominal terms, and contributing QR 21.8bn to the economy in Q3 2024 nominal; (QR 15.5bn real).
Elsewhere, Wholesale and retail trade saw year-on-year growth of 3.5% in real terms and 4.2% in nominal terms, and now reflects 7.1% of the Qatari economy (7.6% in real terms).
Wholesale and Retail trade activity contributed QR 13.66bn in Q3 alone. Real Estate activities also saw 3.4% year-on-year growth in real terms, and 3.0% in nominal terms, contributing QR 12.4bn in Q3 (nominal) and representing 6.1% of Qatari GDP.
Transport and storage activities saw 5.4% growth in Q3, in real terms vs. the same period last year. In nominal terms, it grew by 3.0% versus Q3 2023. On a quarterly basis, growth was 3.4% in real terms and 10.0% in nominal terms.
Together, these figures demonstrate progress for Qatar as it continues to grow as a hub for both the logistics and tourism activites. In total, transport and storage activity was worth QR 9.98bn in nominal terms and QR 7.44bn in real terms, making it the 8th largest sector, worth 4.1% of Q3 Real GDP (4.9% by Nominal GDP).
Two other activities – Accommodation and food service activities, and Arts, entertainment and recreation saw high growth: 9.7% and 14.4% respectively, in real terms vs. Q3 2023.
Collectively, they made up just over QR 4bn in economic activity in Q3 – about 2.3% of Real GDP.Two activites did less well: in real terms Manufacturing contracted by 2.7% in Q3 versus the same period last year, although it did grow 5.2% quarter-on-quarter.
In nominal terms the picture is similar, with 5.8% contraction year-on-year balanced out by 5.9% growth quarter-on-quarter.
Agriculture, forestry and fishing saw significant nominal growth, at 4.6% year-on-year and 9.0% quarter-on-quarter, but in real terms contracted 2.5% year-on-year. That is despite positive quarter-onquarter growth of 2.1% in real terms.
Lastly, Mining and Quarrying activities – the largest economic activity in Qatar, accounting for over 35% of GDP in real and nominal terms – saw a minor contraction of 0.5% in nominal terms, and 2.3% in real terms.
"These estimates are evidence of Qatar’s strong economic progress – in particular, Qatar’s non-Hydrocarbon economy – which represents a significant milestone in our journey towards economic diversification.
This can be seen across critical economic activities such as Finance and Insurance, Construction, and Transportation,” said Dr Abdulaziz bin Nasser bin Mubarak Al Khalifa, Secretary General of the National Planning Council.
"We are adopting a model of sustainable growth to transform into a competitive, productive and diversified economy, driving our economic development agenda forward with clear focus and renewed energy, in line with the priorities laid out in the Third National Development Strategy (NDS3).”