Qatar: GDP growth tops expectations in Q4
Print blows expectations out of the water: GDP soared 6.1% year on year in Q4, beating market expectations, up from the prior quarter’s 2.0% increase and marking the best reading in just under 14 years.
Non-oil-and-gas firms drive growth: In contrast to Q1–Q3, in Q4, economic growth was driven equally by the mining and quarrying sector—which includes oil and gas output—and the non-mining and quarrying sector. Both sectors expanded by 6.1%, the best result in 14 years in the case of the former and in two years in the case of the latter.
This suggests that oil and gas output may be regaining some vigor—with a major expansion in LNG output expected in the coming years—and other sectors in the economy continue to be stimulated by a government push to diversify the economy.
Looking at specific sectors in the non-mining and quarrying economy, there were particularly strong performances in construction, hospitality, financial services and retail sales.
Growth to remain soft until late 2025: GDP growth is projected to range between 2.0–2.6% in Q1–Q3 2025, before gradually accelerating to reach a peak of nearly 9% in late 2026 as the country significantly ramps up its LNG export capacity as part of the North Field expansion project.