‘Stronger-than-expected’ growth for non-oil sectors in H2 2024

Doha, Qatar: Qatar s non oil activities are expected to outperform all industries with notable growth from 2 percent to 2.2 percent this year, accordi...

Doha, Qatar: Qatar’s non-oil activities are expected to outperform all industries with notable growth from 2 percent to 2.2 percent this year, according to a report by Fitch Solutions.

The researchers indicate that numerous industries are poised for “stronger-than-expected” growth in the remaining months of 2024, augmenting Qatar’s resilient economy.

Qatar’s GDP figures recently, showing a growth of 1.2 percent y-o-y during the third quarter of 2023. Among the many sectors contributing to the economy, hydrocarbon witnessed a boost of 2.3 percent y-o-y. In comparison, the non-oil economy grew by 0.6 percent y-o-y during Q3 2022, the Planning and Statistics Authority revealed.

The market experts at Fitch signify that albeit the growth in the hydrocarbon sector was according to their expectations, the third quarter of 2023 headline growth surprised the upside due to stronger-than-expected non-oil activity.

Analysts stressed that this comes amidst Qatar hosting the mega sporting event in 2022 that saw potent activity in the industry during the latter half of the year, in preparation for the tournament. Eventually, Fitch Solutions noted its estimation for the growth in 2023 from 1 percent to 1.4 percent and hence forecasted a vital growth of 2 percent to 2.2 percent in 2024.