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Saturday, October 23, 2021

Qatar’s shrinking of Q3 economy ‘lowest in region’


The country’s Gross Domestic Product [GDP] is anticipated to reach $208 billion by 2024.

Qatar’s GDP recorded a 4.5% shrink in the third quarter of 2020 in comparison to the same quarter of 2019, Qatar’s Planning and Statistics Authority reported on Wednesday.

However, the GDP also recorded a 5.6% increase in comparison to Q2 of the same year, according to government statistics.

This comes after Qatar’s economy recorded its worst performance since at least 2012 due to lockdown measures imposed by the coronavirus pandemic last year.

The GDP dropped by 6.1% during the months of April-to-June last year and contracted by 1% in comparison to the same period of 2019.

However, the latest drop is also reported to be the smallest in comparison to other Gulf states and its economy has witnessed a remarkable recovery following the easing of lockdown measures in what experts described as “unmatched”.

Read also: Qatar registers QR 9.1bn trade surplus in November

FocusEconomics, a leading provider of economic analysis and forecasts, projects Qatar’s GDP to scale up to $208bn in 2024 from $162 billion in 2020, an increase of almost 30% over four years.

Moreover, Qatar’s GDP signals a 7.2% increase in 2021, reaching $174bn also followed by a further 6.4% to reach $185bn in 2022 and another 1.9% increase to hit $196bn in 2023.

Two other economic indicators, the rate of inflation and that of unemployment, also point to a healthy and growing economy over the next few years.

The country’s inflation will also be 1.2% in 2021, 1.7% in 2022, 1.8% in 2023 and 1.9% in 2024.

Experts also expect Qatar’s economy to further thrive with the end of the GCC crisis. The lifting of the blockade will open further investment opportunities between the neighbouring GCC countries and ease the entry of imports.

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