Qatar's Macroeconomic Analysis:
Nominal GDP of USD 236 billion in 2022.
Nominal GDP of USD 213 billion in 2023.
GDP per capita of USD 71,638 compared to the global average of USD 10,589.
GDP per capita of USD 83,416 compared to the global average of USD 10,589.
Average real GDP growth of 0.5% over the last decade.
Average real GDP growth of 0.1% over the last decade.
Sector Analysis
In 2021, services accounted for 40% of overall GDP, manufacturing 9%, other industrial activity 51%, and agriculture 0%. Looking at GDP by expenditure, private consumption accounted for 27% of GDP in 2020, government consumption 24%, fixed investment 43%, and net exports 6%.International trade
In 2020, manufactured products made up 13% of total merchandise exports, mineral fuels 82%, food 0%, ores and metals 3% and agricultural raw materials 0%, with other categories accounting for 2% of the total. In the same period, manufactured products made up 78% of total merchandise imports, mineral fuels 1%, food 12%, ores and metals 4% and agricultural raw materials 0%, with other goods accounting for 5% of the total. Total exports were worth USD 131 billion in 2022, while total imports were USD 34 billion.Main Economic Indicators
Economic growthThe economy recorded average annual growth of 2.4% in the decade to 2022. To read more about GDP growth in Qatar, go to our dedicated page.
Fiscal policy
Qatar's fiscal surplus averaged 3.2% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment
The unemployment rate averaged 0.2% in the decade to 2022. For more information on Qatar's unemployment click here.
Inflation
Inflation averaged 1.6% in the decade to 2022. Go to our Qatar inflation page for extra insight.
Monetary Policy
Qatar's monetary policy rate ended 2022 at 5.50%, up from 4.50% a decade earlier. See our Qatar monetary policy page for additional details.
Exchange Rate
From end-2012 to end-2022 the rial stayed on the same level vs the U.S. dollar. For more info on the rial, click here.
Economic situation in Qatar
GDP growth has likely been weak so far this year. In February–August, industrial output—which makes up the lion’s share of Qatar’s economy—fell year on year, with both energy and non-energy companies underperforming. Other data has also been downbeat: In January–September, merchandise exports shrank and tourism arrivals growth slowed, plus the PMI survey of non-energy businesses through October points to more downbeat activity compared to the prior two years. Finally, while natural gas output increased for the first time in seven months in August, it promptly declined again in September. That said, the economy will likely be receiving a boost from lower inflation and interest rates. In other news, in November, a referendum passed to replace elections with appointed roles for the Shura Council, Qatar’s main legislature, strengthening the government’s power.Qatar Economic Forecasts
Projections out to 2034.46 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 20 expert analysts.
Want to get insight on the economic outlook for Qatar in the coming years? FocusEconomics collects projections out to 2034 on 46 economic indicators for Qatar from a panel of 20 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Qatar economy. To download a sample report on the Qatar's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.