Growth For Non-Oil Sectors In H2 2024 Pegged Optimistically
Augmenting Qatar’s resilient economy, many industries are poised for “stronger-than-expected” growth in the remaining months of 2024. The Gross Domestic Product (GDP) figures have shown a growth of 1.2 percent y-o-y during the third quarter of 2023. Hydrocarbon witnessed a boost of 2.3 percent y-o-y. In comparison, the non-oil economy grew by 0.6 percent y-o-y during Q3 2022, the Planning and Statistics Authority has revealed. “We have long argued that Qatar’s economic growth will accelerate in 2024 as lower inflation, stronger tourism activity and investment in construction and infrastructure projects causes the non-oil sector to recover.” – Fitch analysts Fitch market experts have clarified that the growth in the hydrocarbon sector was according to their expectations and the third quarter of 2023 headline growth surprised the upside due to stronger-than-expected non-oil activity. It’s been stressed by analysts that this comes on the back of Qatar hosting the FIFA 2022 World Cup that spiralled potent activity in industry during the latter half of the year, in preparation for the tournament. Fitch Solutions has noted its estimation for the growth in 2023 from 1 percent to 1.4 percent and hence forecasted a vital growth of 2 percent to 2.2 percent in 2024 commenting: “We have long argued that Qatar’s economic growth will accelerate in 2024 as lower inflation, stronger tourism activity and investment in construction and infrastructure projects causes the non-oil sector to recover. Supporting our view, high-frequency data for Q1 2024 such as Purchasing Manager’s Indices, new building permits, and tourist arrivals all point to stronger non-oil activity so far in 2024.
Qatar Takes Leap To Expand LNG Output By 85%
CEO Saad Sherida Al Kaabi QatarEnergy has said an assessment programme had concluded that the productive layers of the country’s North Field that extends towards the west could yeild an additional gas reserve of 240 tonne/cubc feet (tcf). This will result in upping Qatar’s overall gas reserves to more than 2,000 Tcf. “These are very important results of great dimensions that will take Qatar’s gas industry to new horizons,” Al Kabbi has said. He added that the additional reserves would allow the company to move forward with the 16 million metric tons/year (mmty) North Field West (NFW) liquefaction project in Ras Laffan in the north of Qatar. Along with the multi-billion dollar North Field East (NFE) and North Field South (NFS) projects that were sanctioned in 2021, NFW would boost Qatar’s liquefied natural gas production capacity to 142 mmty by the end of the decade. QatarEnergy has already started construction on the North Field expansion project, bringing aboad TotalEnergies (which has been present in Qatar since 1936 and is active in all areas of the country’s oil and gas sector, from exploration and production through to refining, petrochemicals, lubricants marketing, and renewable energies), Shell (whose Qatar presence started in 20026 and at present, the scope of Shell’s partnership with QatarEnergy covers the entire value chain of the oil and gas business: liquefied natural gas – LNG; gas to liquids – GTL; shipping, exploration and petrochemicals) and ConocoPhilips (whose Qatar presence started with the QatarEnergy’s LNG N(3) joint venture) to partner in both NFE and NFS.
