Qatar's Economy Sees 2.4% Growth Year-on-Year In 2024 Driven By Non-Hydrocarbon Sectors
In a significant economic achievement, Qatar has witnessed a 2.4% increase in its real growth rate in 2024, highlighting its robust economic framework. The nation's GDP surged to QR713 billion from QR697 billion the previous year, illustrating a steady ascent in economic performance.
The final quarter of 2024 saw Qatar's GDP rise by 6.1% year-on-year to QR181 billion, compared to QR170.1 billion in the corresponding period of 2023. This growth reflects Qatar's strategic initiatives toward achieving a sustainable and diversified economy, moving away from its traditional reliance on hydrocarbons.
The Secretary-General of the National Planning Council, Dr. Abdulaziz bin Nasser Al Khalifa, underscored the nation's remarkable growth rates, which are in harmony with the National Development Strategy 2024-2030, aimed at sustainable growth and economic diversification.
Non-hydrocarbon sectors have emerged as significant contributors to Qatar's GDP, accounting for nearly 64% of the total in 2024, a notable increase from around 63% in the previous year. This shift indicates a resilient economy capable of adapting to global economic challenges, such as fluctuations in oil and gas prices.
The diversification efforts are paying off, with non-hydrocarbon activities experiencing a 3.4% annual growth, while hydrocarbon activities remain stable. Dr. Al Khalifa highlighted the expanding diversification of the Qatari economy, which is increasingly reducing its dependence on hydrocarbon sources.
The drive towards economic diversification has seen substantial growth in several non-hydrocarbon sectors. The accommodation and food services sector led the growth with a 14.7% increase, followed by the financial sector, which grew by 11.1%, and the wholesale and retail trade sector, which expanded by 9%.
Real estate activities and the construction sector also saw significant growth, with increases of 6.3% and 9.6%, respectively. These sectors' growth not only illustrates the effectiveness of Qatar's diversification strategy but also showcases the potential for further development and investment opportunities across various industries.
In the fourth quarter of 2024, the non-hydrocarbon sectors continued to be the primary drivers of growth, demonstrating the country's commitment to reducing its reliance on hydrocarbon revenues. This commitment is in line with Qatar National Vision 2030 and the Third National Development Strategy, which outline a clear path for building a sustainable economy through collaboration with the private sector and the reinvestment of oil and gas revenues.
Qatar's exceptional economic performance in the fourth quarter of 2024 marks a pivotal step towards the achievement of the Sustainable Development Goals. The country's strategic focus on economic diversification, alongside the growth of competitive sectors, positions Qatar to enhance its economic stature both regionally and globally.
"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," stated Dr. Al Khalifa.
This GCC nation continues to evolve, reducing its dependence on hydrocarbons, and paving the way for sustainable economic development. Through strategic planning and investment in non-hydrocarbon sectors, Qatar is not only meeting its current economic goals but is also laying a strong foundation for future prosperity.
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