QNA
Doha
The Qatari economy recorded growth at constant (real) prices of 2 percent during the third quarter of 2024 compared to the same period last year.
Data issued by the National Planning Council (NPC) on Tuesday showed that Qatar’s estimated gross domestic product (GDP) for the third quarter of 2024 reached about QR180.23 billion at constant prices, compared to QR176.7 billion during the same period in 2023.
In a statement, the National Planning Council explained that the estimates reflect accelerated growth and increasing diversification in Qatari economy, which continues to expand beyond traditional reliance on hydrocarbon sector.
The council emphasized that the progress aligns with Qatar’s commitment to achieving sustainable economic growth as one of the goals of its Third National Development Strategy.
Secretary General of the National Planning Council Dr Abdulaziz bin Nasser bin Mubarak Al Khalifa stated that the 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.
The National Planning Council also reported that the estimated GDP at current prices reached approximately QR204.08 billion in the third quarter of 2024, registering growth of 1.8 percent compared to the same period last year.
The council described these positive results as inherently encouraging, noting that Qatar’s strong economic performance is evident in the annual growth of non-mining activities, which achieved a 4.5 percent real increase and a 3.1 percent nominal increase. On a quarterly basis, the Qatari economy grew by 4.1 percent in nominal terms equivalent to approximately QR 8 billion compared to the second quarter of 2024, and by 1.9 percent in real terms.
