Qatar’s GDP likely to grow 4.5% in 2022: Report

Qatar

Qatar’s GDP outlook for 2022 is upbeat as elevated energy prices will be a key growth driver for the country’s economy, FocusEconomics said in a report released on Wednesday.Moreover, the report said, the non-energy sector will record strong growth, given the reduced impact of the pandemic and the upcoming FIFA World Cup.

Increased trade with the Arab Quartet will also be a contributor, it added.FocusEconomics panellists see a 4.5 percent rise in GDP during 2022, which is up 0.1 percentage points from last month’s forecast, and 2.8 percent growth in 2023.After a 2.5 percent expansion in year-on-year terms in the first quarter of 2022, the report said, Qatar’s economy likely picked up steam in the second quarter.

“The private-sector PMI was at a record high in May–June thanks to strong expansions in output and new orders. What’s more, tourism continued to boost local activity, with visitor arrivals rising 869 percent year on year in May,” it said.

“Higher oil and gas prices have buoyed government coffers and supported the external sector.

The trade surplus in the second quarter was the largest since 2014. The picture in the energy sector was more mixed. LNG production has been held back this year by maintenance work at some facilities, despite European countries’ interest in boosting gas imports from Qatar,” it said.