Qatar’s Real GDP Projected to Increase by 1.8% in Second Half of 2024, Fitch Reports

Qatar, 17 September, 2024 :  Qatar's real GDP is projected to increase by 1.8% in the latter half of 2024, according to Fitch Solutions. This growth is an improvement over the 1.2% recorded in 2023 but falls short of the 4.2% seen in 2022.

Fitch revised its earlier forecast of 2.2% growth, citing weaker-than-expected performance in the hydrocarbon sector during the first half of 2024. The report notes that the hydrocarbon sector, which contributes approximately 37% to the GDP, is anticipated to grow by only 0.5% this year. 

Despite the slowdown, the non-oil sectors are expected to drive economic expansion. The report highlights that easing monetary conditions and increased government support are likely to benefit these sectors. 

The previous strong growth following the 2022 FIFA World Cup has diminished, impacting sectors such as construction, wholesale and retail trade, and transport. However, a rebound in non-oil activities is anticipated to boost the economy in the second half of 2024.

Source : www.zawya.com