According to official figures released by the Planning and Statistics Authority, Qatar’s gross domestic product (GDP) in the second quarter of 2023 grew by 1 percent compared to the same period last year. The year-on-year GDP estimates, calculated at constant prices, reached 170 billion Qatari riyals ($46.7 billion) during the second quarter, surpassing the revised estimates of 168.4 billion riyals for the same period in 2022.
However, the GDP at current prices experienced a decline, decreasing by 13.7 percent in the second quarter of 2023 to a total of 186.3 billion riyals. This is in contrast to the figure of 216 billion riyals reported for the same quarter in the previous year.
Read more: Qatar to invest billions in Egypt
The real gross value added (GVA) of non-mining and quarrying activities, which account for 62 percent of Qatar’s real GDP in the second quarter, increased by 0.1 percent to 104.72 billion riyals during this period. On the other hand, the real GVA of mining and quarrying, representing 38 percent of real GDP, increased by 2.33 percent to 65.37 billion riyals.
In terms of nominal GVA, which reflects current prices, non-mining and quarrying activities accounted for 60.8 percent of the GDP and amounted to 113.3 billion riyals in the second quarter. However, this figure declined by 3.9 percent compared to the estimates for the same period in 2022. Similarly, the nominal GVA for mining and quarrying decreased by 25.5 percent to 73 billion riyals in the second quarter.
For more news on the economy, click here.
