Qatar's Economy Grows 2.4% in 2024, Q4 GDP Up 6.1% Year-on-Year

Qatar's economy achieved a real growth rate of 2.4 percent in 2024, totaling QR713 billion in constant prices, up from QR697 billion in 2023. As per information from the National Statistics Center at the National Planning Council, published today, Qatar's real GDP increased by 6.1% year-on-year in the fourth quarter of 2024, hitting QR 181 billion, up from QR 170.1 billion during the same timeframe in 2023. 

The Secretary-General of the National Planning Council (NPC), HE Dr. Abdulaziz bin Nasser Al Khalifa, affirmed that the Qatari economy is achieving significant growth rates, supporting the nation’s advancement towards sustainable development and economic diversification, in accordance with the National Development Strategy 20242030. Activities beyond hydrocarbons are progressively fueling growth, aligning with Qatar National Vision 2030 and the Third National Development Strategy initiatives, which provide a definitive roadmap for economic diversification in partnership with the private sector and the reinvestment of oil and gas earnings to establish a sustainable economy.

Data indicates that the main non-hydrocarbon sectors that experienced growth in the fourth quarter are accommodation and food services, which achieved the highest growth rate of 14.7%, increasing from QR1.7 billion to QR2 billion riyals. The financial industry expanded by 11.1%, rising from QR13.3 billion to QR14.8 billion, whereas wholesale and retail trade grew by 9%, increasing from QR13.5 billion to QR14.7 billion. Moreover, real estate transactions increased by 6.3%, climbing from QR12.7 billion to QR13.5 billion. 

The construction industry saw a 9.6% increase after a downturn in 2023, marking the conclusion of the construction boom. It  recovered with the initiation of new ventures, showcasing a solid dedication from both public and private sectors to invest in the local market and stimulate economic expansion.