Qatar records 1.2% year-on-year real GDP growth in Q3-2023 as hydrocarbons sector grows faster
Qatar’s inflation-adjusted (real) economy is estimated to have grown 1.2% year-on-year during the third quarter (Q3) of 2023, mainly on faster expansion in the hydrocarbons sector, according to the Planning and Statistics Authority data.
The real gross domestic product (GDP) rose faster at 4% on a quarterly basis during the review period as the non-oil sectors grew much faster than hydrocarbons, according to the Planning and Statistics Authority data.
The mining and quarrying sector, under which hydrocarbons fall, is estimated to have grown 2.3% year-on-year and the non-mining and quarrying sector by 0.6% to take the overall real GDP to QR177.33bn during Q3-2023.
The agriculture, forestry and fishing sectors grew 1.7% on an annualised basis in Q3-2023, but was down 1.5% quarter-on-quarter.
On a quarterly basis, the real GDP (at constant prices) growth during Q3-2023 was on account of a 0.8% rise in the mining sector and 6% in non-mining and quarrying sector.
Within the non-hydrocarbons sector, the accommodation and food service segment is estimated to have expanded 13% year-on-year in Q3-2023, followed by transport and storage by 7.1%, manufacturing 1.8%, real estate by 1.5% and wholesale and retail trade 0.5%.
Nevertheless, information and communication saw a 17.8% plunge year-on-year, construction 3%, finance and insurance 1.7% and utilities 1% during the review period.
On a quarterly basis, the accommodation and food services zoomed 38.2%, utilities 18.5%, wholesale and retail trade 18.1%, finance and insurance 10.7%, construction 8.2%, information and communication 7.6%, transport and storage 5.4% and manufacturing 4.5%; even as realty declined 2.4% during Q3-2023.
On a nominal basis (at current prices), Qatar’s GDP is estimated to have declined 25.7% on an annualised basis but shot up 6.2% quarter-on-quarter at the end of Q3-2023.
The mining and non-mining sectors plummeted 25.7% and 1.7% year-on-year and quarter-on-quarter basis respectively during Q3-2023.
On a quarterly basis, both mining and non-mining sectors witnessed 8.7% and 4.6% expansion, leading to a growth in nominal economy during Q3-2023.
Within the non-hydrocarbons sector (in nominal terms), there was 13.2% plunge in the manufacturing, 6.9% in construction and 6% in information and communication; whereas finance and insurance saw 20.6% surge, utilities 11.1%, accommodation and food services 8.7%, realty 3.4%, wholesale and retail trade 1.8% and transport and storage 0.3% during Q2-2023.
On a quarterly basis in nominal terms, the accommodation and food services segment shot up 37.4%, utilities 17.8%, manufacturing 10.2%, information and communication 8.9%, finance and insurance 8.6% and transport and storage 6.4% during the review period.
However, the construction and real estate sectors recorded 5.5% and 4.6% contraction in nominal terms on a quarterly basis during Q3-2023.
The import duties, on real terms, are estimated to have declined 10.9% year-on-year but rose 2.6% quarter-on-quarter at the end of Q3-2023.
On nominal terms, the import duties reported a 9.8% contraction year-on-year, whereas it shot up 2.4% on a quarterly basis during the review period.
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