Qatar’s Economy Grows by 2% in Q3 2024, Driven by Diversification

Qatar, 2 January, 2025: Qatar’s economy grew by 2% in real terms during Q3 2024, with GDP reaching QR180.23 billion, up from QR176.7 billion in the same period last year. This growth reflects ongoing diversification away from the hydrocarbon sector, in line with Qatar’s Third National Development Strategy (NDS3).

The National Planning Council highlighted significant progress, particularly in non-hydrocarbon sectors like finance, insurance, construction, and transportation. Non-mining activities saw a 4.5% real increase, further supporting Qatar’s shift toward a diversified economy.

Qatar's GDP at current prices reached QR204.08 billion, reflecting a 1.8% year-on-year growth. The construction sector recorded strong performance with a 7.7% increase in real terms, while financial and insurance services grew by 10.6%. Wholesale and retail trade saw 3.5% growth, and transport and storage grew by 5.4%.

The economy also showed quarterly growth, increasing by 4.1% in nominal terms and 1.9% in real terms compared to Q2 2024.