Qatar Economic Outlook
A gas-rich economy with strong fiscal health:
Qatar has one of the highest GDP per capita figures in the world, largely due to its vast natural gas reserves. The country is the world’s largest exporter of liquefied natural gas (LNG), with long-term contracts securing stable revenue. High energy prices have bolstered government finances, allowing Qatar to maintain strong fiscal surpluses and invest heavily in infrastructure.
Diversification efforts and infrastructure development:Qatar has been actively working to diversify its economy under the Qatar National Vision 2030. Key sectors targeted for growth include finance, logistics, and tourism, with projects such as the expansion of Hamad International Airport and the Lusail City development. Hosting the FIFA World Cup in 2022 further boosted infrastructure investment, enhancing the country’s global profile.
Geopolitical stability and investment climate:Unlike some of its Gulf neighbors, Qatar has managed to maintain a stable political environment, which has helped attract foreign investment. The country has strengthened economic ties with Europe and Asia, particularly in LNG exports. However, tensions with regional rivals, including past diplomatic disputes with Saudi Arabia and the UAE, highlight ongoing geopolitical risks.
Qatar’s economic outlook:The Qatari economy is expected to maintain solid growth, driven by sustained LNG exports, infrastructure expansion, and diversification efforts. However, challenges remain in reducing dependence on hydrocarbons and fostering private-sector-led growth. Continued investment in technology, renewable energy, and financial services will be key to ensuring long-term economic sustainability.
Qatar's Macroeconomic Analysis:
Nominal GDP of USD 219 billion in 2024.
Nominal GDP of USD 216 billion in 2023.
GDP per capita of USD 70,815 compared to the global average of USD 10,589.
GDP per capita of USD 70,442 compared to the global average of USD 10,589.
Average real GDP growth of 0.2% over the last decade.
Average real GDP growth of 0% over the last decade.
Sector Analysis
In 2022, services accounted for 38.5% of overall GDP, manufacturing 9.3%, other industrial activity 51.9%, and agriculture 0.3%. Looking at GDP by expenditure, private consumption accounted for 19.5% of GDP in 2022, government consumption 12.9%, fixed investment 30.7%, and net exports 36.9%.International trade
In 2023, manufactured products made up 9.0% of total merchandise exports, mineral fuels 86.5%, food 0.1%, ores and metals 2.3% and agricultural raw materials 0.0%, with other categories accounting for 2.1% of the total. In the same period, manufactured products made up 76.9% of total merchandise imports, mineral fuels 2.4%, food 11.2%, ores and metals 5.0% and agricultural raw materials 0.4%, with other goods accounting for 4.1% of the total. Total exports were worth USD 95 billion in 2024, while total imports were USD 32.60 billion.Main Economic Indicators
Economic growthThe economy recorded average annual growth of 0.2% in the decade to 2023. To read more about GDP growth in Qatar, go to our dedicated page.
Fiscal policy
Qatar's fiscal surplus averaged 2.7% of GDP in the decade to 2023. Find out more on our dedicated page.
Unemployment
The unemployment rate averaged 0.2% in the decade to 2023. For more information on Qatar's unemployment click here.
Inflation
Inflation averaged 1.5% in the decade to 2024. Go to our Qatar inflation page for extra insight.
Monetary Policy
Qatar's monetary policy rate ended 2024 at 5.10%, up from 4.50% a decade earlier. See our Qatar monetary policy page for additional details.
Exchange Rate
From end-2014 to end-2024 the rial stayed on the same level vs the U.S. dollar. For more info on the rial, click here.
Economic situation in Qatar
Data released in March showed that GDP shot up by 6.1% year on year in Q4 (Q3: +2.0% yoy), the sharpest rise in just under 14 years. The reading, however, reflected a low base rather than a sustained pick-up in underlying economic activity; GDP shrank for the first time in nearly three years in Q4 2023. Accordingly, over 2024 as a whole, the economy expanded 2.4%, better than 2023’s 1.5% rise, the Gulf average of 1.8% and topping market expectations. In 2024, unlike other Gulf countries, Qatar’s oil and gas sector dodged a contraction because the country is not a member of the OPEC+ cartel, which was restricting crude output. In other news, in recent weeks the government sold USD 3 billion in bonds, likely as it expects oil prices to plunge this year. Regardless, our panelists still expect public debt as a share of GDP to more than halve from its 2020 peak by 2029 as LNG output ramps up.Qatar Economic Forecasts
Projections out to 2034.47 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 23 expert analysts.
Want to get insight on the economic outlook for Qatar in the coming years? FocusEconomics collects projections out to 2034 on 47 economic indicators for Qatar from a panel of 23 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Qatar economy. To download a sample report on the Qatar's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.