Doha, Qatar – 20 March 2025: H.E. Dr. Abdulaziz bin Nasser Al Khalifa, the Secretary-General of the National Planning Council (NPC), confirmed that the Qatari economy continues to experience remarkable growth rates. Referring to the 2024 GDP data, he revealed a real growth rate of 2.4% compared to 2023, with the GDP reaching 713 billion Qatari Riyals at constant prices in 2024, up from 697 billion Qatari Riyals in 2023. This growth reflects the state's strong trajectory towards sustainable development and economic diversification, in alignment with the Third National Development Strategy (NDS3).
Furthermore, data released today by the National Statistics Center at NPC revealed a 6.1% year-on-year real GDP growth at constant prices for Q4 of 2024, compared to the same period in the previous year. The estimates reached 181 billion Qatari riyals, up from 170.1 billion Qatari riyals for the same quarter of 2023. This trend signals accelerating growth and increased diversification in the Qatari economy, shifting away from its traditional reliance on the hydrocarbon sector. Notably, non-hydrocarbon sectors demonstrated impressive performance, with a combined annual growth of 3.4%, while hydrocarbon activities remained stable.
Despite the significant role of hydrocarbon activities in the GDP, non-hydrocarbon sectors are steadily gaining ground. In 2024, non-hydrocarbon activities accounted for nearly 64% of total GDP, up from around 63% in 2023. This highlights the resilience of the Qatari economy and its ability to withstand economic fluctuations, including declining oil and gas prices and reduced demand for these resources.
Compared to Q4 2023, hydrocarbon activities grew by 6.2%, while non-hydrocarbon activities grew by 6.1%. The non-hydrocarbon sector contributed 116.9 billion Qatari Riyals to Qatar's total GDP of 181 billion Qatari Riyals in Q4 2024.
Non-hydrocarbon activities remain a key driver of Qatar's growth, in line with Qatar's National Vision 2030 and the initiatives of NDS3, which lay out a clear roadmap for economic diversification in partnership with the private sector, while reinvesting oil and gas revenues to build a sustainable economy.
The following key non-hydrocarbon activities achieved notable growth in the fourth quarter of 2024:
- Accommodation and Restaurants: Recorded the highest growth at 14.7%, increasing from 1.7 billion Qatari Riyals to 2 billion Qatari Riyals.
- Financial Activities: Grew by 11.1%, increasing from 13.3 billion Qatari Riyals to 14.8 billion Qatari Riyals.
- Wholesale and Retail Trade: Grew by 9.0%, increasing from 13.5 billion Qatari Riyals to 14.7 billion Qatari Riyals.
- Real Estate Activities: Grew by 6.3%, increasing from 12.7 billion Qatari Riyals to 13.5 billion Qatari Riyals.
The construction sector grew by 9.6%, following a decline in 2023, after the end of the construction boom. However, it has regained momentum fueled by the launch of new projects. This rebound reflects the strong commitment of both the public and private sectors to investing in the local market and spurring economic growth.
H.E. Dr. Abdulaziz bin Nasser Al Khalifa, Secretary-General of the National Planning Council, stated: "These indicators demonstrate the consistent progress of Qatar's economy, particularly in the non-hydrocarbon sectors, which continue to open up new opportunities for growth and investment. With a strategic focus on economic diversification and the reinvestment of oil and gas revenues, Qatar is steadily building a robust and sustainable economy, in alignment with Qatar National Vision 2030."
The impressive economic performance in Q4 of 2024 marks a significant step toward achieving the Sustainable Development Goals. Moreover, through its ongoing efforts in economic diversification and the growth of competitive sectors, Qatar is poised to strengthen its economic position both regionally and globally.
About the National Planning Council
The National Planning Council was established by Amiri decision No.13 of 2024, issued by His Highness Sheikh Tamim bin Hamad Al Thani, the Amir of the State of Qatar. The NPC is chaired by the Prime Minister and includes several ministers as members.
The NPC is mandated to formulate Qatar's national development strategies, programs and recommendations, oversee their implementation, and ensure the achievement of Qatar National Vision 2030. It also provides support and assistance to various ministries and government entities in decision-making and policy formulation, enabling Qatar to achieve its developmental goals and national vision, while preserving its cultural identity.
The NPC monitors future trends across various sectors and prepares them for upcoming challenges. It also leads the development of proactive plans and projects, risk management, and the tracking of Qatar's rankings in international indices, with the aim of strengthening its global position and maintaining its status among the world's leading nations.
For more information, please visit the official website of the National Planning Council: www.npc.qa.
