The museum of Islamic Art in Doha, Qatar

Qatar Economic Forecast

Qatar Economic Outlook

The economy clocked a multi-year high GDP growth rate of 8.0% in Q4. The reading was driven by the impact of the FIFA World Cup, although the energy sector also recorded robust growth. Turning to 2023, available data is positive. The non-oil private-sector PMI rose sharply from February, recording the strongest reading since last July in April amid accelerating demand for goods and services. In addition, visitor arrivals in Q1 averaged over triple the level observed in Q1 last year and well above pre-pandemic levels, suggesting a durable boost to tourism from last year’s hosting of the World Cup. Moreover, energy output surged in annual terms in February–March. However, the end of the World Cup and higher interest rates have dampened the construction sector, with building permits declining year on year in Q1.

Qatar Inflation

Inflation fell to 3.7% in April from 4.0% in March, on easing external price pressures and tighter monetary policy. The Central Bank hiked rates by 25 basis points in May, with the lending rate hitting 6.00%. On average in 2023, panelists see inflation moderating from last year as borrowing costs rise, the World-Cup-related demand surge ends and commodity prices recede.

This chart displays Economic Growth (GDP, annual variation in %) for Qatar from 2013 to 2022.

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) 59,061 66,407 62,993 53,787 68,608
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 0.1 0.2
Fiscal Balance (% of GDP) -7.4 2.3 1.1 -2.0 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