Qatar's Economy Registers 0.8% Growth in Q2 of 2024

Qatar, 10 December, 2024 : Qatar's economy recorded a 0.8% growth in the second quarter of 2024, with GDP at constant prices reaching approximately QR177 billion. This marks an increase from the revised estimate of QR175.6 billion for the same period in 2023. Compared to the first quarter of 2024, the country's GDP grew by 1%.

The quarterly GDP at current prices for Q2 2024 is estimated at QR194.25 billion, representing a 0.7% increase compared to QR192.84 billion in Q2 2023. When compared to Q1 2024, the current price GDP increased by 0.9%.

Looking into the performance of specific sectors, the mining and quarrying sector saw a decline in its nominal gross value added (GVA), which is estimated at QR72.83 billion, down by 1% compared to Q2 2023. In comparison to Q1 2024, GVA in this sector dropped by 3.4%. The real GVA of mining and quarrying activities also decreased by 2.6% year-on-year to QR63.14 billion, and by 3.5% compared to the first quarter of 2024.

On the other hand, the non-mining and quarrying sector showed positive growth. The nominal GVA for this sector was estimated at QR121.41 billion, reflecting an increase of 1.8% from Q2 2023 and a 3.7% rise compared to Q1 2024. The real GVA for non-mining and quarrying activities grew by 2.8% year-on-year to QR113.86 billion, with a 3.7% increase from Q1 2024.

These figures highlight the resilience of Qatar's economy, with growth driven by non-mining sectors despite a dip in mining and quarrying activity.