The Gulf state’s economy grew 4% year-on-year in the second quarter.
According to official estimations, Qatar’s economy has grown 4% year-on-year (YOY) in the second quarter (Q2). The country’s non-hydrocarbon sector boosted the economy.
Qatar’s statistics authority revealed that gross domestic product (GDP) based on constant prices decreased by 0.3% on a quarterly basis.
Mining and quarrying GDP grew 0.7% YOY in Q2, while non-mining and quarrying activities revealed a 6.2% expansion.
Accommodation and food sector activities saw the most significant yearly boost, growing 41% following a weak base last year due to Covid 19 related restrictions.
Transportation and storage sectors also saw a 26.9% growth, while manufacturing activities expanded 13.4%. These non-hydrocarbon sectors have attributed greatly to Qatar’s YOY growth.
Qatar’s GDP per capita is set to steadily increase and scale up to $71,087 in 2025, according to economic analyses and forecasts provider FocusEconomics.
This year, the Gulf state’s GDP per capita will reach $61,223, as noted in a consensus forecast by the analysis provider. In 2022, it will amount to $64,331, $66,101 in 2023 and $68,600 in 2024.
The Gulf state’s GDP is said to exceed $200 billion by 2025. As for this year, the FocusEconomics consensus forecast is $172 billion, with $181 billion by 2022, $186 billion by 2023, $194 billion by 2024 before finally exceeding $200 billion by 2025.