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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.
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.
