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 yesterday by the National Planning Council, through the National Statistics Centre, showed that Qatar estimated gross domestic product (GDP) for the third quarter of 2024 reached about QR180.23bn at constant prices, compared to QR 176.7bn during the same period in 2023.

In a statement, the National Planning Council explained that these estimates reflect accelerated growth and increasing diversification in Qatar economy, which continues to expand beyond traditional reliance on hydrocarbon sector. The council emphasised that this progress aligns with Qatar’s commitment to achieving sustainable economic growth as one of the goals of its Third National Development Strategy.

Commenting on these results, Secretary General of the National Planning Council, Dr. Abdulaziz bin Nasser bin Mubarak Al Khalifa, stated that these 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.

He added that they are adopting a model of sustainable growth to transform into a competitive, productive and diversified economy, driving our economic development agenda forward with clear focus and renewed energy, in line with the priorities laid out in the Third National Development Strategy (NDS3).

The National Statistics Center under the National Planning Council also reported that the estimated GDP at current prices reached approximately QR204.08bn 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.

The council pointed out that this strong growth emphasizes Qatars progress to building a diversified economy. Growth in the non-hydrocarbon economy accelerates Qatars progress towards becoming a hub for tourism, manufacturing, financial services, and many other sectors.

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.

The construction sector recorded growth of 7.7 percent at constant prices during the third quarter of 2024 compared to the same period in 2023 and 2.3 percent compared to previous quarter. It also achieved a growth rate of 6.2 percent at current prices on an annual basis and 10.3 percent on a quarterly basis. The construction sector contributed more than 11 percent to Qatar’s GDP in the third quarter of the year.

Financial and insurance services saw strong growth, at 10.6 percent year on-year in real terms, and 8.4 percent in nominal terms.

This is a sector of growing importance to Qatar representing 8.6 percent of GDP in real terms and 10.7 percent in nominal terms, and contributing QR 21.8 billion to the economy in Q3 2024 nominal; (QR15.5bn real).

Elsewhere, Wholesale and retail trade saw year-on-year growth of 3.5 percent in real terms and 4.2 percent in nominal terms, and now reflects 7.1 percent of the Qatari economy (7.6 percent in real terms). Wholesale and Retail trade activity contributed QR13.66bn in Q3 alone.

Real Estate activities also saw 3.4percent year-on-year growth in real terms, and 3.0 percent in nominal terms, contributing QR12.4bn in Q3 (nominal) and representing 6.1 percent of Qatari GDP.

Transport and storage activities saw 5.4 percent growth in Q3, in real terms vs. the same period last year. In nominal terms, it grew by 3.0 percent versus Q3 2023. On a quarterly basis, growth was 3.4 percent in real terms and 10.0 percent in nominal terms. Together, these figures demonstrate progress for Qatar as it continues to grow as a hub for both the logistics and tourism activities.

In total, transport and storage activity was worth QR9.98bn in nominal terms and QR7.44bn in real terms, making it the 8th largest sector, worth 4.1 percent of Q3 Real GDP (4.9percent by Nominal GDP).

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