Latest news with #NDS3
Zawya
13 hours ago
- Business
- Zawya
Qatar's economy continues to grow 3.7% in Q1 2025
Doha, Qatar: The National Planning Council (NPC) has announced GDP data for the first quarter of 2025, with Qatar's economy registering real GDP growth of 3.7% compared to the same period in 2024. GDP at constant prices reached QR181.5bn in the first quarter of 2025,compared to QR175bn in the same quarter of the previous year. These results indicate strong progress towards achieving sustainable growth, built on diversifying the economy beyond hydrocarbon activities and increasing the contribution of the private sector in accordance with the Third National Development Strategy (NDS3) and Qatar's National Vision 2030. To provide a more accurate reading of the national economy, the National Statistics Center, within the National Planning Council, deployed an updated methodology for calculating GDP, and has revised quarterly GDP data for the period between 2018 and 2024. The revisions in the methodology revolved around updating indicators for different economic activities, and introducing other advanced calculations that align with international standards for measuring output. Data issued by the National Statistics Centre highlighted the results of national efforts in strengthening the non-hydrocarbon economy, whose contribution constituted 63.6% of real GDP for the first quarter of 2025, around QR115bn, a growing share compared to the 62.6% figure in the same period in 2024. The non-hydrocarbon economy is delivering accelerated year-on-year growth of 5.3% in the first quarter of 2025 compared to the same last year reflecting the ongoing expansion of various economic activities away from the traditional reliance on hydrocarbon related activities. The growth of the non-hydrocarbon economy by 5.3% in the first quarter of this year is attributed to the growth in the manufacturing sector which increased by+5.6%, the construction sector +4.4%, the real estate sector +7.0% and the wholesale and retail trade sector +14.6%. Significant increases were also recorded in relatively smaller parts of the economy including the accommodation and food services sector +13.8%, and the transport and storage sector +3.5%, demonstrating broad-based growth and continued growth in tourism activity in the State of Qatar. The continued and consistent growth of the non-hydrocarbon economy in the first quarter of 2025 demonstrates the effectiveness of the State's policies and reforms in improving the business environment and providing opportunities to the private sector. It also demonstrates strong commitment of both public and private sectors to invest in the local market and drive growth through the implementation of the Third National Development Strategy, in line with the economic diversification roadmap set out by Qatar's National Vision 2030. Non-hydrocarbon growth was not limited to manufacturing and production activities, service activities also witnessed growth compared to the same period in 2024,professional including scientific and technical activities +7.2%,human health and social work+2.6%, and the education sector +0.1%. Service activities continue to be a priority for government and these growth rates demonstrate an intensification of efforts to enhance quality of life and human capital in Qatar, and continually increase Qatar's global competitiveness. Despite the volatility facing the global economy and its potential impact on oil and gas prices, growth in hydrocarbon activities continues, now accounting for 36.4% of Qatar's real GDP, around QR66bn, with a growth rate of 1.0% compared to the same period of 2024. These figures reflect continued strong demand for Qatari hydrocarbon products, as well as the resilience of the Qatari economy in the face of global economic challenges. Commenting on the latest GDP figures, Dr. Abdulaziz bin Nasser bin Mubarak Al Khalifa, Secretary General of the National Planning Council said: 'These indicators highlight the progress of Qatar's economy, particularly in terms of non-hydrocarbon economic growth, whose activities have recorded remarkable growth demonstrating greater diversification and stability for Qatar's economy as the State continues to strive to build a sustainable economy. The current growth rates also indicate additional opportunities for development, as there remains significant potential that we seek to unlock through the Third National Development Strategy to continue to build sustainable economic growth that offers unique investment and entrepreneurial opportunities for the private sector.' © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
Qatar Tribune
a day ago
- Business
- Qatar Tribune
Qatar's economy sustains strong growth of 3.7% in Q1 despite regional headwinds
Satyendra Pathak Doha In the face of a challenging and volatile regional economic environment, Qatar's economy continues to demonstrate impressive resilience and sustainedmomentum. According to the latest data released by the National Planning Council (NPC), Qatar recorded a robust real GDP growth rate of 3.7 percent in the first quarter of 2025 compared to the same period in 2024. This expansion reflects the country's unwavering commitment to sustainable development and strategic diversification away from hydrocarbons. The real GDP at constant prices rose to QR181.5 billion in the first three months of 2025, compared to QR175 billion in the corresponding period of the previous year. These figures underscore the effectiveness of Qatar's long-term economic policies, particularly the emphasis on empowering the private sector and cultivating a more diversified economic landscape, as envisioned in Qatar National Vision 2030 and implemented through the Third National Development Strategy (NDS3). The remarkable progress of the non-hydrocarbon sector was particularly noteworthy in the first quarter of the year. Accounting for 63.6 percent of the total real GDP — an increase from 62.6 percent in the same quarter of 2024 — the non-hydrocarbon segment contributed approximately QR115 billion to the national economy. This sector expanded by 5.3 percent year-on-year, reflecting the broad-based and accelerating transformation of the Qatari economy. This non-hydrocarbon growth was primarily driven by notable increases across multiple key sectors. The manufacturing sector posted a growth rate of 5.6 percent, driven by industrial upgrades and increased domestic production capabilities. The construction sector continued its upward trajectory with a 4.4 percent growth rate, supported by infrastructure expansion and urban development projects. The real estate sector showed healthy growth at 7 percent, reflecting strong demand for residential, commercial, and mixed-use developments. Meanwhile, the wholesale and retail trade sector recorded a remarkable increase of 14.6 percent, indicating increased consumer spending and enhanced commercial activity across the country. Other important contributors to the non-hydrocarbon growth story included the accommodation and food services sector, which surged by 13.8 percent — a testament to Qatar's growing tourism appeal and the recovery of the hospitality industry. The transport and storage sector also grew by 3.5 percent, reflecting logistical expansion and enhanced connectivity, both regionally and globally. Services-based economic activities further reinforced Qatar's growth narrative. Professional, scientific, and technical activities expanded by 7.2 percent, reflecting the increasing importance of knowledge-based services. The human health and social work sector grew by 2.6 percent, highlighting the government's continued focus on health sector improvements and public welfare. The education sector also registered a modest yet positive growth of 0.1 percent, reinforcing Qatar's long-term investment in human capital development. These developments are a clear outcome of the government's persistent reform agenda aimed at fostering a business-friendly environment and expanding the role of the private sector. The growing contribution of non-hydrocarbon activities to national output indicates a structural shift toward economic sustainability, inclusivity, and innovation. The continued growth in services, particularly in education, healthcare, and professional domains, aligns with the overarching goal of improving the quality of life for all citizens and residents while elevating Qatar's global competitiveness. Despite uncertainties in the global economy and price volatility in international energy markets, Qatar's hydrocarbon sector maintained a stable performance. The hydrocarbon segment contributed QR66 billion, accounting for 36.4 percent of the country's real GDP in the first quarter of 2025. This sector posted a modest growth rate of 1 percent compared to the first quarter of 2024, reflecting the ongoing international demand for Qatari gas and energy products and underlining the strategic strength and resilience of Qatar's energy sector within the global marketplace. The strong performance in the first quarter of 2025 comes alongside an institutional reform in economic reporting. The National Statistics Center within the National Planning Council implemented a revised methodology for calculating GDP to ensure alignment with international standards and to provide more accurate and reliable data. This revision included updating the indicators used across various economic sectors and recalibrating output measurement models. As part of this update, GDP data for the years 2018 through 2024 was also revised, enhancing transparency and the analytical accuracy of Qatar's economic reporting. Commenting on the newly released GDP data, National Planning Council Secretary General Dr Abdulaziz bin Nasser bin Mubarak Al Khalifa expressed confidence in the country's economic trajectory. He stated that the latest indicators highlight the considerable progress made by Qatar's economy, especially in non-hydrocarbon sectors. He emphasized that these sectors have recorded impressive growth, showcasing the growing diversification, stability, and maturity of the Qatari economy. Al Khalifa reiterated that the current growth trajectory reveals the vast untapped potential that Qatar aims to realise through the full implementation of the Third National Development Strategy. He further emphasised the government's intention to continue building a sustainable and future-ready economy that unlocks unique investment opportunities for the private sector and ensures long-term prosperity for the nation.
ILoveQatar.net
a day ago
- Business
- ILoveQatar.net
Qatar's economy continues sustainable growth of 3.7% in Q1 2025
The National Planning Council (NPC) has announced GDP data for the first quarter of 2025, with Qatar's economy registering real GDP growth of 3.7% compared to the same period in 2024. In a press release, the NPC said GDP at constant prices reached QR 181.5 billion in the first quarter of 2025, compared to QAR 175 billion in the same quarter of the previous year. These results indicate strong progress towards achieving sustainable growth, built on diversifying the economy beyond hydrocarbon activities and increasing the contribution of the private sector in accordance with the Third National Development Strategy (NDS3) and Qatar's National Vision 2030. To provide a more accurate reading of the national economy, the National Statistics Center, within the National Planning Council, deployed an updated methodology for calculating GDP, and has revised quarterly GDP data for the period between 2018 and 2024. The revisions in the methodology revolved around updating indicators for different economic activities, and introducing other advanced calculations that align with international standards for measuring output. Data issued by the National Statistics Centre highlighted the results of national efforts in strengthening the non-hydrocarbon economy, whose contribution constituted 63.6% of real GDP for the first quarter of 2025, around QAR 115 billion, a growing share compared to the 62.6% figure in the same period in 2024. The non-hydrocarbon economy is delivering accelerated year-on-year growth of 5.3% in the first quarter of 2025 compared to the same last year reflecting the ongoing expansion of various economic activities away from the traditional reliance on hydrocarbon related activities. The growth of the non-hydrocarbon economy by 5.3% in the first quarter of this year is attributed to the growth in the manufacturing sector which increased by +5.6%, the construction sector +4.4%, the real estate sector +7.0% and the wholesale and retail trade sector +14.6%. Significant increases were also recorded in relatively smaller parts of the economy including the accommodation and food services sector +13.8%, and the transport and storage sector +3.5%, demonstrating broad-based growth and continued growth in tourism activity in the State of Qatar. The continued and consistent growth of the non-hydrocarbon economy in the first quarter of 2025 demonstrates the effectiveness of the State's policies and reforms in improving the business environment and providing opportunities to the private sector. It also demonstrates strong commitment of both public and private sectors to invest in the local market and drive growth through the implementation of the Third National Development Strategy, in line with the economic diversification roadmap set out by Qatar's National Vision 2030. Non-hydrocarbon growth was not limited to manufacturing and production activities, service activities also witnessed growth compared to the same period in 2024, professional including scientific and technical activities +7.2%, human health and social work +2.6%, and the education sector +0.1%. Service activities continue to be a priority for government and these growth rates demonstrate an intensification of efforts to enhance quality of life and human capital in Qatar, and continually increase Qatar's global competitiveness. Despite the volatility facing the global economy and its potential impact on oil and gas prices, growth in hydrocarbon activities continues, now accounting for 36.4% of Qatar's real GDP, around QR 66 billion, with a growth rate of 1.0% compared to the same period of 2024. These figures reflect continued strong demand for Qatari hydrocarbon products, as well as the resilience of the Qatari economy in the face of global economic challenges. Commenting on the latest GDP figures, HE Secretary General of the National Planning Council Dr. Abdulaziz bin Nasser bin Mubarak Al Khalifa said: "These indicators highlight the progress of Qatar's economy, particularly in terms of non-hydrocarbon economic growth, whose activities have recorded remarkable growth, demonstrating greater diversification and stability for Qatar's economy as the State continues to strive to build a sustainable economy. The current growth rates also indicate additional opportunities for development, as there remains significant potential that we seek to unlock through the Third National Development Strategy to continue to build sustainable economic growth that offers unique investment and entrepreneurial opportunities for the private sector."
Economy ME
2 days ago
- Business
- Economy ME
Qatar reports $49.85 billion GDP growth driven by non-hydrocarbon activities in Q1 2025
Qatar's economy registered real GDP growth of 3.7 percent in the first quarter of 2025, compared to the same period in 2024. According to the National Planning Council , GDP at constant prices reached QAR181.5 billion ($49.85 billion) in the first quarter of 2025, compared to QAR175 billion ($48.06 billion) in the corresponding quarter of the previous year. These results indicate strong progress toward achieving sustainable growth, built on diversifying the economy beyond hydrocarbon activities and increasing the contribution of the private sector, in line with the Third National Development Strategy (NDS3) and Qatar's National Vision 2030. To provide a more accurate assessment of the national economy, the National Statistics Center, within the National Planning Council, employed an updated methodology for calculating GDP and revised quarterly GDP data for the period between 2018 and 2024. The revisions in methodology focused on updating indicators for various economic activities and introducing advanced calculations that align with international standards for measuring output. Data issued by the National Statistics Centre highlighted the results of national efforts in strengthening the non-hydrocarbon economy, whose contribution constituted 63.6 percent of real GDP for the first quarter of 2025, around QAR115 billion, a growing share compared to the 62.6 percent figure in the same period in 2024. The non-hydrocarbon economy is delivering accelerated year-on-year growth of 5.3 percent in the first quarter of 2025 compared to the same period last year, reflecting the ongoing expansion of various economic activities away from the traditional reliance on hydrocarbon-related activities. Read more: Qatar's Islamic finance assets grow 4.1 percent YoY to $187.6 billion in 2024 Notable growth across sectors The growth of the non-hydrocarbon economy by 5.3 percent in the first quarter of this year is attributed to several sectors. The manufacturing sector increased by 5.6 percent. The construction sector grew by 4.4 percent. The real estate sector saw an increase of 7.0 percent. Additionally, the wholesale and retail trade sector experienced significant growth of 14.6 percent. Notable increases were also recorded in smaller sectors of the economy. The accommodation and food services sector grew by 13.8 percent. The transport and storage sector increased by 3.5 percent. These figures demonstrate broad-based growth and continued expansion in tourism activity in Qatar. The consistent growth of the non-hydrocarbon economy in the first quarter of 2025 illustrates the effectiveness of the State's policies and reforms in improving the business environment and providing opportunities for the private sector. It also reflects the strong commitment of both public and private sectors to invest in the local market and drive growth through the implementation of the Third National Development Strategy, in alignment with the economic diversification roadmap outlined by Qatar's National Vision 2030. Non-hydrocarbon growth was not limited to manufacturing and production activities; service activities also experienced growth compared to the same period in 2024, including professional, scientific, and technical activities at 7.2 percent, human health and social work at 2.6 percent, and the education sector at 0.1 percent. Service activities remain a priority for the government, and these growth rates demonstrate an intensification of efforts to enhance quality of life and human capital in Qatar, continually increasing Qatar's global competitiveness. Hydrocarbon growth Despite the volatility facing the global economy and its potential impact on oil and gas prices, growth in hydrocarbon activities persists, now accounting for 36.4 percent of Qatar's real GDP, around QAR66 billion, with a growth rate of 1.0 percent compared to the same period in 2024. These figures reflect continued strong demand for Qatari hydrocarbon products, as well as the resilience of the Qatari economy in the face of global economic challenges. Commenting on the latest GDP figures, HE Secretary General of the National Planning Council Dr. Abdulaziz bin Nasser bin Mubarak Al Khalifa, His Excellency secretary general of the National Planning Council, said: 'These indicators highlight the progress of Qatar's economy, particularly in terms of non-hydrocarbon economic growth, whose activities have recorded remarkable growth demonstrating greater diversification and stability for Qatar's economy as the State continues to strive to build a sustainable economy. The current growth rates also indicate additional opportunities for development, as there remains significant potential that we seek to unlock through the Third National Development Strategy to continue to build sustainable economic growth that offers unique investment and entrepreneurial opportunities for the private sector.'
Qatar Tribune
2 days ago
- Business
- Qatar Tribune
Qatar's economy grows 3.7% in Q1 2025
QNA Doha The Qatari economy achieved real growth of 3.7 percent at constant prices during the first quarter of 2025, compared to the same period in the previous year. In a press release on Monday, the National Planning Council (NPC) said GDP at constant prices reached QR181.5 billion in the first quarter of 2025, compared to QR175 billion in the same quarter of the previous year. These results indicate strong progress towards achieving sustainable growth, built on diversifying the economy beyond hydrocarbon activities and increasing the contribution of the private sector in accordance with the Third National Development Strategy (NDS3) and Qatar's National Vision 2030. To provide a more accurate reading of the national economy, the National Statistics Center, within the National Planning Council, deployed an updated methodology for calculating GDP, and has revised quarterly GDP data for the period between 2018 and 2024. The revisions in the methodology revolved around updating indicators for different economic activities, and introducing other advanced calculations that align with international standards for measuring output. Data issued by the National Statistics Centre highlighted the results of national efforts in strengthening the non-hydrocarbon economy, whose contribution constituted 63.6 percent of real GDP for the first quarter of 2025, around QR115 billion, a growing share compared to the 62.6 percent figure in the same period in 2024. The non-hydrocarbon economy is delivering accelerated year-on-year growth of 5.3 percent in the first quarter of 2025 compared to the same last year.
