Qatar’s economy recorded a real growth rate of 2.4 percent in 2024, reaching QAR713 billion ($195.72 billion) in fixed-price terms, compared to QAR697 billion in 2023.
According to data from the National Statistics Center at the National Planning Council, Qatar’s real GDP grew by 6.1 percent year-on-year in the fourth quarter of 2024, reaching QAR181 billion.
Dr. Abdulaziz bin Nasser Al Khalifa, secretary-general of the National Planning Council, confirmed that Qatar’s economy continues to experience remarkable growth rates, sustaining the country’s progress toward sustainable growth and economic diversification, in line with the National Development Strategy 2024–2030.
He said that the latest data reflect the rapid expansion and increasing diversification of the Qatari economy, which is progressively moving beyond its traditional dependence on hydrocarbons. Non-hydrocarbon activities collectively grew by 3.4 percent annually, while hydrocarbon activities remained stable.
Non-oil sector grows to 64 percent of total GDP
Despite the significant role hydrocarbon activities play in Qatar’s economy, non-oil sectors are steadily gaining ground. In 2024, non-oil activities accounted for nearly 64 percent of total GDP, up from around 63 percent in 2023. This highlights the resilience of the nation’s economy and its ability to withstand economic fluctuations, including declining oil and gas prices and reduced demand for these resources.
Compared to the fourth quarter of 2023, hydrocarbon activities grew by 6.2 percent, while non-hydrocarbon sectors expanded by 6.1 percent, contributing QAR116.9 billion out of the QAR181 billion in GDP for Q4 2024.
“These indicators demonstrate the consistent progress of Qatar’s economy, particularly in the non-hydrocarbon sectors, which continue to open up new opportunities for growth and investment. With a strategic focus on economic diversification and the reinvestment of oil and gas revenues, Qatar is steadily building a robust and sustainable economy, in alignment with Qatar National Vision 2030,” added Al Khalifa.
Qatar’s financial sector grows to QAR14.8 billion in 2024
Non-oil activities are increasingly driving economic growth, in line with Qatar National Vision 2030 and the initiatives of the Third National Development Strategy, which has outlined a clear roadmap for economic diversification in collaboration with the private sector and the reinvestment of oil and gas revenues to build a sustainable economy.
According to the data, the key non-oil sectors that recorded growth in the fourth quarter include accommodation and food services, which saw the highest growth rate at 14.7 percent, rising from QAR1.7 billion to QAR2 billion.
The financial sector grew by 11.1 percent, increasing from QAR13.3 billion to QAR14.8 billion, while wholesale and retail trade expanded by 9 percent, climbing from QAR13.5 billion to QAR14.7 billion. Additionally, real estate activities grew by 6.3 percent, rising from QAR12.7 billion to QAR13.5 billion.
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Construction sector rebounds
Meanwhile, the construction sector experienced a 9.6 percent growth after a period of decline in 2023, following the end of the construction boom. However, it rebounded with the launch of new projects, demonstrating a strong commitment from both the public and private sectors to investing in the local market and driving economic growth.
Through its ongoing efforts in economic diversification and the growth of competitive sectors, Qatar is poised to strengthen its economic position both regionally and globally. This trend falls in line with the GCC region’s growth prospects for 2025. The region will remain resilient and is expected to register a GDP growth of 4 percent this year, broadly in line with the consensus and up from an estimated 1.8 percent in 2024, according to the ICAEW.
