Qatar’s economic growth slowed in the third quarter of this year, but was supported by strong expansion in non-oil sectors, according to data released by the statistical office on Sunday.
Qatar’s gross domestic product (GDP) grew by 3.9 percent in real terms from July to September compared to the same period last year, and by 1.7 percent compared to the previous quarter.
This represents a slowdown in growth compared to the second quarter, when GDP grew by 5 percent year-on-year, as well as compared to the first quarter, when growth was 6.9 percent.
The period of significant investments in Qatar’s oil and gas resources ended last year, meaning that the energy sector, which accounts for nearly half of the economy, now contributes much less to growth.
The mining and extraction sector, which includes oil and gas, decreased by 0.8 percent year-on-year in the third quarter, but grew by a slight 0.6 percent compared to the previous quarter.
Other parts of the economy recorded growth, with the manufacturing sector’s activity increasing by 13.6 percent compared to the same period last year, the construction sector by 9.4 percent, and the financial sector by 4.7 percent.
Qatar plans to invest tens of billions of dollars in infrastructure projects in the coming years to host the 2022 FIFA World Cup.
Authorities estimate that Qatar’s GDP will grow by 4.8 percent in real terms next year, which would represent a slowdown in activity, given that this year a growth of 6.3 percent is expected.
