Qatar’s economy grows in Q2 ’24

Qatar’s economy grew by 0.8 per cent year-on-year (YoY) in real terms during Q2 2024, with GDP at constant prices reaching QR 177 billion, against QR 175.6 billion in Q2 2023, according to the National Statistics Centre at the National Planning Council (NPC). The GDP rose 1 per cent from QR 175.25 billion in Q1 2024.

At current prices, Q2 2024 GDP is estimated at QR 194.25 billion, a 0.7 per cent increase from QR 192.84 billion in Q2 2023 and a 0.9 per cent rise from QR 192.46 billion in Q1 2024.

Mining and Quarrying activities recorded declines, with nominal gross value added (GVA) at QR 72.83 billion, down 1 per cent YoY, and real GVA at QR 63.14 billion, reflecting a 2.6 per cent decrease. The sector saw further contractions of 3.4 per cent and 3.5 per cent in nominal and real GVA, respectively, Compared to Q1 2024.

Non-Mining and Quarrying activities showed robust growth, with nominal GVA at QR 121.41 billion, up 1.8 per cent year-on-year and 3.7 per cent quarter-on-quarter. Real GVA reached QR 113.86 billion, marking a 2.8 per cent year-on-year increase and a 3.7 per cent rise from Q1 2024.

Attribution: Qatar News Agency (QNA)

Subediting: M. S. Salama