The museum of Islamic Art in Doha, Qatar

Qatar Economic Forecast

Qatar Economic Outlook

After annual economic growth slowed to 4.3% in Q3, the economy should have performed well in Q4 as the FIFA World Cup spurred the hospitality sector; tourist arrivals were over 1.2 million in November–December, roughly double the number of arrivals in the whole of 2021. That said, construction activity cooled as Cup-related projects were completed, and public-sector activity will have been dampened by the decision to temporarily reduce school and government office hours. Moreover, the energy sector had a mixed performance, with output tumbling in December following strong growth in November. Turning to 2023, PMI data suggests there was a lull in private-sector business activity in January, followed by a rebound in February. Positively, business optimism was the strongest in over three years in February, likely linked to new business opportunities arising from the Cup.

Qatar Inflation

Inflation fell to 4.2% in January from 5.9% in December, on softening demand as football tourists returned home. Meanwhile, the Central Bank kept the lending rate unchanged at 5.50% on 1 February, contrasting the Fed’s hike. In 2023, our panelists see inflation moderating as borrowing costs increase further and commodity prices recede.

Qatar Economic Data

2017 2018 2019 2020 2021
Population (million) 2.7 2.8 2.8 2.7 2.6
GDP (USD bn) 161 183 176 144 180
GDP per capita (USD) 59 66 62 53 68
GDP (QAR bn) 586 667 642 526 654
Economic Growth (Nominal GDP, ann. var. %) 6.2 13.8 -3.8 -18.1 24.4
Economic Growth (GDP, ann. var. %) -1.5 1.2 0.8 -3.6 1.6
Economic Growth (GDP Oil, ann. var. %) -2.3 -0.3 -1.8 -1.9 -0.3
Private Consumption (ann. var. %) 3.8 2.1 2.9 -10.5 -
Government Consumption (ann. var. %) -6.7 1.5 8.3 4.4 -
Total Investment (ann. var. %) -7.3 7.1 1.5 -10.4 -
Exports (G&S, ann. var. %) 1.3 -1.2 -2.2 -1.5 -
Imports (G&S, ann. var. %) -3.5 4.6 1.9 -8.9 -
Industry (ann. var. %) -1.2 0.8 -1.4 -3.2 0.7
Unemployment (% of active population, aop) 0.1 0.1 0.1 0.2 0.3
Fiscal Balance (% of GDP) -6.6 2.2 1.0 -2.1 0.2
Public Debt (% of GDP) 51.6 52.2 62.1 72.6 58.4
Money (ann. var. of M2 %) 21.3 -6.5 2.5 3.8 1.4
Inflation (CPI, ann. var. %, aop) 0.4 0.3 -0.7 -2.8 2.3
Overnight Lending Rate (%, eop) 5.00 5.00 4.25 2.50 2.50
Exchange Rate (QAR per USD, eop) 3.64 3.64 3.64 3.64 3.64
Current Account Balance (USD bn) 6.4 16.6 4.3 -3.6 26.3
Current Account Balance (% of GDP) 4.0 9.1 2.4 -2.5 14.6
Merchandise Trade Balance (USD bn) 36.7 51.0 41.6 27.1 60.3
Merchandise Exports (USD bn) 67.4 84.3 72.9 51.5 87.2
Merchandise Imports (USD bn) 30.7 33.3 31.3 24.4 26.9
Merchandise Exports (ann. var. %) 17.7 25.0 -13.5 -29.4 69.3
Merchandise Imports (ann. var. %) -3.7 8.3 -5.9 -22.3 10.2
International Reserves (USD bn) 15.0 30.4 39.7 41.0 42.2
International Reserves (months of imports) 5.9 10.9 15.2 20.2 18.9

Free Sample Report

Interested in Qatar economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest