Qatar’s economy recorded a 2% growth in real terms during the third quarter (Q3) of 2024 compared to the same period in 2023, according to data from the National Planning Council’s National Statistics Centre. Qatar’s estimated GDP at constant prices reached QAR 180.23 billion, up from QAR 176.7 billion in Q3 2023.
At current prices, GDP rose 1.8% year-on-year to QAR 204.08 billion. On a quarterly basis, Qatar’s economy grew by 4.1% in nominal terms and 1.9% in real terms.
Non-hydrocarbon activities showed strong performance, with real growth of 4.5% and nominal growth of 3.1% compared to the same period last year. The construction sector expanded 7.7% in real terms year-on-year and 2.3% quarter-on-quarter, contributing 11% to Qatar’s GDP in Q3 2024.
The financial and insurance sector grew 10.6% in real terms and 8.4% in nominal terms year-on-year, contributing QAR 21.8 billion to GDP in Q3 2024. Wholesale and retail trade increased by 3.5% in real terms and 4.2% in nominal terms, accounting for QAR 13.66 billion of economic activity in Q3.
Real estate activities grew 3.4% in real terms and 3.0% in nominal terms, contributing QAR 12.4 billion to GDP in Q3. Transport and storage grew 5.4% in real terms year-on-year and 10.0% in nominal terms quarter-on-quarter, contributing QAR 9.98 billion in nominal terms and QAR 7.44 billion in real terms.
Accommodation and food services and arts, entertainment, and recreation saw high real growth at 9.7% and 14.4% , respectively, collectively contributing over QAR 4 billion to real GDP in Q3 2024.
Manufacturing contracted by 2.7% in real terms year-on-year but grew 5.2% quarter-on-quarter. In nominal terms, it declined 5.8% year-on-year but grew 5.9% quarter-on-quarter.
Agriculture, forestry, and fishing contracted 2.5% in real terms year-on-year but showed positive growth of 2.1% quarter-on-quarter. In nominal terms, the sector grew 4.6% year-on-year and 9.0% quarter-on-quarter.
Mining and quarrying, Qatar’s largest economic sector, accounting for over 35% of GDP, contracted 2.3% in real terms and 0.5% in nominal terms year-on-year.
The National Planning Council emphasized that these results align with Qatar’s strategy to diversify its economy and achieve sustainable growth, as outlined in the Third National Development Strategy (NDS3).