The non-oil sector in Qatar achieved a growth of 9.9% and the oil sector recorded an increase of 4.8% in Q4 2022, according to Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman Al Thani, at the Qatar Economic Forum.
Qatar marked strong services sector activity amidst the FIFA World Cup hosting in November-December 2022.
Al Thani said the gas-rich Gulf state’s efforts have lead to the establishment of strong financial institutions and the creation of the foundations for a work environment that encourages the growth of business and a significant increase in the volume of domestic and foreign investments.
Al Thani said the nation’s efforts have led to the establishment of strong financial institutions and the creation of the foundations for a work environment that encourages the growth of business and a significant increase in the volume of domestic and foreign investments.
However, Qatar’s real GDP growth is set to slow to 2.7% in 2023 and then bounce slightly higher to 3.4% in 2024, according to S&P Global Market Intelligence.
In 2022, Qatar grew at 4.8%, a level unseen since the middle of the last decade, lifted by strong economic activity in Q4, the report said.
Qatar’s budget surplus is seen at 9.6% of GDP this year based on 2023 revised forecast for Brent crude at $87 a barrel, Oxford Economics said in its latest forecast.
“In terms of diversification in the field of energy, and as part of a variety of efforts we inaugurated the first solar power station in Qatar to diversify our energy sources. The station is set to provide about 10% of the energy used in the national electricity grid at peak times,” Al Thani said at the global business and investment summit.
“As a result of our realisation of the importance of SMEs in achieving prosperity, we constantly work on launching initiatives to support these companies with the aim of enhancing the spirit of entrepreneurship,” he added.
The prime minister also reiterated that the sovereign wealth fund Qatar Investment Authority (QIA) contributes significantly to secure economic stability for future generations and to work with the private sector to bridge the gaps in the local market by investing in companies and sectors that support Qatari local industries and contribute to their transfer to global markets.