Qatar’s GDP to expand by 2.6% with 3.3% growth in non-oil sector

Qatar’s GDP to expand by 2.6% with 3.3% growth in non-oil sector

Doha, Qatar: Qatar’s GDP growth is expected to be driven by the non‑oil and gas sectors in this year as the advancement in non-oil economy is expected to expand in 2023.

Cushman & Wakefield, in its second quarter (Q2) 2023 Real Estate Market Review citing Oxford Economics, noted that it expects Qatar’s 2023 GDP to expand by 2.6 percent, with 3.3 percent growth in non-oil sectors leading the way.

It noted that the May PMI rose to 55.6, marking the sixth consecutive rise and the highest reading since July 2022. Business activity remains on the uptrend, amid stronger demand and sentiment, leading to further job gains. The outlook is for the economy to grow at a similar pace next year.

Recent surveys cite stronger tourism demand among the drivers of positive performance. Tourist arrivals slid in April relative to March; still, the monthly figures were more than double the number in April 2022, with visitors from Europe hitting an all-time monthly record. Overall, Qatar attracted nearly 1.5 million tourists in just four months, underpinning the non-oil recovery.

The report further stated that the gas sector is a priority. The North Field gas expansion project will have a positive medium-term impact, increasing LNG capacity by