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.
