Qatar Economy - 2024

Economic overview

high-income, oil-and-gas-based Middle Eastern economy; National Vision 2030 government strategy for economic development, diversification, favorable business conditions to grow investment and employment; infrastructure investments; Islamic finance leader; citizenship-based labor force growth

Real GDP (purchasing power parity)

$260.2 billion (2022 est.)
$249.636 billion (2021 est.)
$245.727 billion (2020 est.)

note: data are in 2017 dollars

Real GDP growth rate

1.59% (2021 est.)
-3.64% (2020 est.)
0.77% (2019 est.)

Real GDP per capita

$96,600 (2022 est.)
$92,900 (2021 est.)
$89,000 (2020 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$191.29 billion (2018 est.)

Inflation rate (consumer prices)

2.3% (2021 est.)
-2.54% (2020 est.)
-0.67% (2019 est.)

Credit ratings

Fitch rating: AA- (2017)

Moody's rating: Aa3 (2017)

Standard & Poors rating: AA- (2017)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 0.2% (2017 est.)

industry: 50.3% (2017 est.)

services: 49.5% (2017 est.)

GDP - composition, by end use

household consumption: 24.6% (2017 est.)

government consumption: 17% (2017 est.)

investment in fixed capital: 43.1% (2017 est.)

investment in inventories: 1.5% (2017 est.)

exports of goods and services: 51% (2017 est.)

imports of goods and services: -37.3% (2017 est.)

Agricultural products

eggs, tomatoes, dates, poultry, cucumbers, camel milk, sheep milk, goat milk, pumpkins/gourds, poultry

Industries

liquefied natural gas, crude oil production and refining, ammonia, fertilizer, petrochemicals, steel reinforcing bars, cement, commercial ship repair

Industrial production growth rate

0.66% (2021 est.)

Labor force

1.977 million (2021 est.)

Unemployment rate

0.26% (2021 est.)
0.21% (2020 est.)
0.1% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 1.1% (2021 est.)

male: 0.9%

female: 2.1%

Population below poverty line

N/A

Gini Index coefficient - distribution of family income

41.1 (2007 est.)

Average household expenditures

on food: 12.3% of household expenditures (2018 est.)

on alcohol and tobacco: 0.3% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 1.3%

highest 10%: 35.9% (2007)

Remittances

0.48% of GDP (2021 est.)
0.45% of GDP (2020 est.)
0.33% of GDP (2019 est.)

Budget

revenues: $65.922 billion (2019 est.)

expenditures: $57.258 billion (2019 est.)

Budget surplus (+) or deficit (-)

-5.8% (of GDP) (2017 est.)

Public debt

53.8% of GDP (2017 est.)
46.7% of GDP (2016 est.)

Taxes and other revenues

26.4% (of GDP) (2017 est.)

Fiscal year

1 April - 31 March

Current account balance

$26.319 billion (2021 est.)
-$2.986 billion (2020 est.)
$4.26 billion (2019 est.)

Exports

(2024)
$161.693 billion (2022 est.) note: data are in current year dollars
$105.549 billion (2021 est.) note: data are in current year dollars

Exports - partners

China 18%, India 15%, Japan 10%, South Korea 9%, United Kingdom 6% (2022)

Exports - commodities

natural gas, crude petroleum, refined petroleum, fertilizers, ethylene polymers (2022)

Imports

$74.52 billion (2022 est.) note: data are in current year dollars
$61.204 billion (2021 est.) note: data are in current year dollars
$59.065 billion (2020 est.) note: data are in current year dollars

Imports - partners

United Arab Emirates 13%, China 11%, United States 10%, United Kingdom 8%, India 5% (2022)

Imports - commodities

gas turbines, jewelry, cars, aircraft, broadcasting equipment (2022)

Reserves of foreign exchange and gold

$42.213 billion (31 December 2021 est.)
$40.973 billion (31 December 2020 est.)
$39.718 billion (31 December 2019 est.)

Debt - external

$167.8 billion (31 December 2017 est.)
$157.9 billion (31 December 2016 est.)

Exchange rates

Qatari rials (QAR) per US dollar -

Exchange rates:
3.64 (2021 est.)
3.64 (2020 est.)
3.64 (2019 est.)
3.64 (2018 est.)
3.64 (2017 est.)