The Qatari economy experienced a real growth rate (adjusted for constant prices) of 0.8 percent in the second quarter of 2024, relative to the projections for the same quarter in 2023. According to data released by the National Statistics Center at the National Planning Council (NPC), the GDP estimates for Q2 2024 at constant prices reached approximately QAR177 billion ($48.5 billion), compared to revised estimates of QAR175.6 billion for Q2 2023.
Comparison with previous quarters
This reflects a 1 percent increase when contrasted with the revised estimates from the first quarter of 2024, which stood at QAR175.25 billion, QNA reported. The quarterly GDP at current prices for Q2 2024 is projected at QAR194.25 billion, marking a rise of 0.7 percent against the revised estimate for Q2 2023, which was QAR192.84 billion. In comparison to the previous quarter (Q1) of 2024, estimated at QAR192.46 billion, there is an increase of 0.9 percent.
Constant price GDP analysis
The quarterly GDP at constant prices shows a growth of 0.8 percent in Q2 2024 (QAR177.00 billion) compared to the revised estimate for Q2 2023 (QAR175.60 billion). Additionally, when evaluated against the Q1 2024 estimate (QAR175.25 billion), a 1.0 percent increase is also recorded.
Mining and quarrying sector performance
The nominal gross value added (GVA) for Mining and Quarrying activities is estimated at QAR72.83 billion in Q2 2024, indicating a decline of 1.0 percent from the revised estimate of QAR73.59 billion for Q2 2023. Compared to the prior quarter’s estimate of QAR75.40 billion, there is a decrease of 3.4 percent in this sector’s GVA.
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Real GVA trends in mining and quarrying
The real GVA for these activities is projected at QAR63.14 billion in Q2 2024, reflecting a reduction of 2.6 percent compared to the revised estimate for Q2 2023 (QAR64.83 billion). Additionally, when compared to the Q1 2024 estimate (QAR65.40 billion), a decline of 3.5 percent is also noted.
Non-mining and quarrying sector growth
On the other hand, the nominal GVA for Non-Mining and Quarrying activities is estimated at QAR121.41 billion ($33.25 billion) in Q2 2024, showing an increase of 1.8 percent over the revised estimate for Q2 2023 (QAR119.25 billion). In comparison to the previous quarter’s estimate (QAR117.10 billion), an increase of 3.7 percent is recorded.
Real GVA performance in non-mining activities
The real GVA for Non-Mining and Quarrying activities is estimated at QAR113.86 billion in Q2 2024, which represents a growth of 2.8 percent compared to the revised estimate from Q2 2023 (QAR110.77 billion). When compared to the Q1 2024 estimate (QAR109.85 billion), there is an increase of 3.7 percent.
