Current Market in Qatar - July 2024

Current Market in Qatar - July 2024

The market in Qatar is currently experiencing significant growth, driven by a variety of factors across

multiple sectors.

1. Construction and Infrastructure: Qatar's construction market is expected to grow at a compound

annual growth rate (CAGR) of 9.5% from 2023 to 2030. The market is projected to reach $123.1

billion by 2030, up from $53.3 billion in 2022. This growth is fueled by high government spending on

infrastructure and building projects across commercial, residential, industrial, and transportation

sectors.

2. Economic Outlook: The Qatari economy is showing positive signs, with a real GDP growth of

1.2% year-on-year in Q3 2023. The hydrocarbon sector expanded by 2.3%, while the non-oil

economy grew by 0.6%. The inflation rate has also slowed down to 0.71% in April 2024, marking the

lowest rate since March 2021.

3. Upcoming Projects: The second half of 2024 is anticipated to see the announcement and initiation

of new projects, which are expected to spur economic growth. Areas of focus include sustainable

development, smart cities, transportation projects, and enhancements in healthcare and education

sectors.

4. Sectoral Developments: There is a particular emphasis on diversifying the economy beyond the

traditional focus on hydrocarbons. Key areas include tourism, agriculture, technology, and

healthcare. This diversification is aimed at creating a more resilient and sustainable economic

structure.

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 Current Market in Qatar - July 2024

Overall, Qatar is positioning itself as a key player in the region with substantial investments in

infrastructure and diversified economic projects, signaling robust growth prospects for the near

future.

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