Qatar energy sector investments and tourism to gear up GDP growth in 2024: FocusEconomics

Qatar energy sector investments and tourism to gear up GDP growth in 2024: FocusEconomics

Qatar's GDP growth is projected to accelerate in 2024, FocusEconomics said and noted the country's energy sector investment — in both renewables and fossil fuels - as well as tourism sector, will boost momentum.GDP growth is projected to accelerate this year from 2023 despite lingering below the average of the Mena region.A strengthening tourism sector and improved relations with neighbouring countries will also boost momentum, FocusEconomics said in its latest country report.FocusEconomics panellists see Qatar’s GDP expanding 2.3% in 2024, which is down by 0.2 percentage points from one month ago, and expanding 3.6% in 2025.According to FocusEconomics, Qatar’s GDP will scale up from an estimated $232bn to $301bn in 2028. Next year, it may total $245bn, $265bn in 2026 and $285bn in 2027.GDP per capita has been projected to scale up to $101,627 in 2028 from $80,015 this year. Next year, it may total $84,018, $90,292 in 2026 and $96,770 in 2027.GDP grew at a modest rate in the first six months of 2023, and available data suggest a similar pace of expansion in the third quarter.Energy output shrank year on year in August for the first time since January, and the government issued fewer construction permits in the