Economy of Qatar

Economy of Qatar
CurrencyQatari riyal (QAR, QR)
Trade organisations
WTO and GCC
Country group
Statistics
PopulationNeutral increase 3,098,866 (2024)[3]
GDP
  • Increase $221.4 billion (nominal, 2024)[4]
  • Increase $356.0 billion (PPP, 2024[4]
GDP rank
GDP growth
  • Increase 4.1% (2022)[5]
  • Decrease 1.2% (2023)[4]
  • Increase 1.5% (2024f)[4]
GDP per capita
  • Increase $71,568 (nominal, 2024)[4]
  • Increase $115,075 (PPP, 2024)[4]
GDP per capita rank
GDP by sector
  • agriculture: 0.2%
  • industry: 50.3%
  • services: 49.5%
  • (2017 est.)
  • Positive decrease3.1% (2023)[4]
  • Positive decrease2.6% (2024f est.)[4]
  • Increase 0.875 very high (2022)[6] (40th)
  • N/A IHDI (2022)
Labour force
Increase 2,035,269 (2023)[7]
UnemploymentSteady 0.6% (2017 est.)
Main industries
External
ExportsDecrease $86.51 billion (2018 est.)
Export goods
Liquefied natural gas, Petroleum Products, Fertilizers, Steel
Main export partners
ImportsDecrease $26.69 billion (2017 est.)
Import goods
Machinery and Transport Equipment, Food, Chemicals
Main import partners
$168 billion (31 December 2017 est.)[10]
Public finances
Positive decrease 44.5% of GDP (2022)
Revenues$297.70 billion (2022)
Expenses$208.70 billion (2022)
All values, unless otherwise stated, are in US dollars.
Infrastructure in an industrial area at Doha
Map showing the mineral resources of Qatar.

The economy of Qatar is one of the highest in the world based on GDP per capita, ranking generally among the top ten richest countries on world rankings for 2015 and 2016 data compiled by the World Bank, the United Nations, and the International Monetary Fund (IMF).[13][14] The country's economy has grown despite sanctions by its neighbors, Saudi Arabia and the United Arab Emirates. Mainly because the country exports primarily to Japan, South Korea, India and China, making the sanctions effectively redundant as neither Saudi Arabia nor the United Arab Emirates have imposed trading penalties such as tariffs or embargoes on any of these countries for trading with Qatar, or offering incentives such as discounts for their own energy exports to reduce Qatari exports.

Petroleum and natural gas are the cornerstones of Qatar's economy and account for more than 70% of total government revenue, more than 60% of gross domestic product, and roughly 85% of export earnings. Qatar has the world's third largest proven natural gas reserve and is the third-largest exporter of natural gas.

  1. ^ "World Economic and Financial Surveys World Economic Outlook Database—WEO Groups and Aggregates Information April 2020". IMF.org. International Monetary Fund. Archived from the original on 22 December 2019. Retrieved 9 September 2020.
  2. ^ "World Bank Country and Lending Groups". World Bank. Retrieved 13 February 2024.
  3. ^ "Monthly Figures on Total Population". psa.gov.qa. Planning and Statistics Authority. Retrieved 15 August 2023.
  4. ^ a b c d e f g h "Report for Selected Countries and Subjects: October 2024". imf.org. International Monetary Fund.
  5. ^ "Real Estate Market Review, Qatar Q1 2023" (PDF). cushmanwakefield.qa. Cushman & Wakefield. Retrieved 18 August 2023.
  6. ^ "Human Development Report 2023/2024" (PDF). United Nations Development Programme. 13 March 2024. Archived (PDF) from the original on 13 March 2024. Retrieved 15 June 2024.
  7. ^ "Labor force, total - Qatar". data.worldbank.org. World Bank. Retrieved 23 January 2020.
  8. ^ "Export Partners of Qatar". The Observatory of Economic Complexity. 2019. Retrieved 19 June 2021.
  9. ^ "Import Partners of Qatar". The Observatory of Economic Complexity. 2019. Retrieved 19 June 2021.
  10. ^ "The World Factbook". Retrieved 9 March 2018.
  11. ^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
  12. ^ a b Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Retrieved 28 May 2011.
  13. ^ "GDP per capita (current US$) | Data". data.worldbank.org. Retrieved 13 September 2017.
  14. ^ "Report for Selected Countries and Subjects". www.imf.org. Retrieved 13 September 2017.