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05-04-23

Qatar's Economy Shows Strong Growth in Q4 2022

(MENAFN) Qatar has achieved a real growth rate of 8 percent in the fourth quarter of 2022 compared to the same period in the previous year, according to official data released on Tuesday. The real economic growth rate measures growth expressed by gross domestic product (GDP) from one period to another, adjusted for inflation or deflation. The quarterly GDP estimates at constant prices reached approximately 179.99 billion riyals ($49.43 billion) in Q4 2022, compared to the revised fourth-quarter estimates for 2021, which amounted to 166.68 billion riyals.

The Planning and Statistics Authority of Qatar reported that the GDP at current prices surged to around 220.43 billion riyals in Q4 2022, a significant increase of 26.2 percent compared to the final quarter of the previous year. The nominal gross value added (GVA) estimate for mining and quarrying activities increased by 43.4 percent to reach 91.25 billion riyals in Q4 2022 compared to the same period a year earlier.

The data also indicated that the value-added estimates at current prices for non-mining activities and quarries in the fourth quarter of last year amounted to 129.18 billion riyals, an increase of 16.4 percent compared to the revised estimates for the fourth quarter of 2021. Qatar's economy has been showing strong growth in recent years, and this latest data suggests that it is continuing to perform well, driven by the mining and quarrying sector, along with non-mining activities and quarries. This growth is expected to have a positive impact on the country's overall economic stability and development.
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