Qatar’s real GDP to increase by 1.8 per cent in 2024
This will be supported by improved monetary conditions and increased government support.
Dubai: Qatar's real gross domestic product (GDP) is projected to increase by 1.8 per cent in 2024, according to global research and analytical platform Fitch Solutions.
This represents a slight decrease from the 4.2 per cent growth in 2022 and 1.2 per cent in 2023.
This anticipated growth is more likely the result of the expansion of non-oil sectors within the country.
In the coming year, the economy is expected to grow by 2.2 per cent, driven by a rise in hydrocarbon output and continued recovery in the non-oil sector.
This will be supported by improved monetary conditions and increased government support.
The report notes that while there was a slowdown in real GDP growth last year, Qatar's projected 1.8 per cent increase for 2024 is a revision down from an earlier forecast of 2.2 per cent.
The real GDP of a country is a measurement that takes inflation into consideration when calculating GDP.
This adjustment reflects weaker-than-expected growth in 2023 and a decline in mining activity during the first half of 2024.
However, economic analysts anticipate that high-frequency data will bolster non-oil activities, leading to a recovery in economic performance compared to last year.