Qatar's heavily reliant on gas revenues
Economic overview
Heavily reliance on gas ↓
Qatar’s GDP ↓
Inflation ↓
Select 2030 targets ↓
Sport driving growth ↓
Commitment to sustainability ↓
Qatar economic overview
Despite efforts to diversify, Qatar remains heavily reliant on gas revenues
Alongside expansions of tourism, finance and infrastructure, Qatar’s economic growth will be driven primarily by the expansion of its liquefied natural gas (LNG) industry, centered on four new LNG processing lines (trains) at the North Field East project.
This expansion will increase national LNG capacity by roughly one-third. Train 1 is expected to start exports in late 2025, with Trains 2 and 3 ramping up during 2026, and Train 4 coming online in early 2027.
Qatar’s GDP
In 2025, Qatar’s economy is expected to grow by around 2.4 percent to 2.6 percent, according to forecasts from the International Monetary Fund (IMF) and Oxford Economics. This moderate growth reflects a transitional period as the country prepares to bring new LNG capacity online.
Growth is projected to accelerate further in 2026, reaching 4.5 percent to 5.0 percent, driven by the phased start-up of the North Field East LNG expansion.
From 2027 to 2029, annual growth is anticipated to stabilise, benefiting from the new LNG capacity and broader economic diversification.
In summary, the phased introduction of the four new LNG trains will act as economic boosters meaning Qatar’s GDP growth will likely average 4.1 percent between 2025-2029. (Minister of Finance, Ali bin Ahmed al-Kuwari)
Inflation
Qatar’s inflation rate remains among the lowest in the Gulf Corporation Council (GCC). In March 2024, the annual inflation rate dropped to just 0.98 percent, the lowest since March 2021 and down from 2.7 percent the month prior. A consistent downward trend in inflation throughout 2024 resulted in Qatar’s average inflation rate for 2024 being just 1.1 percent, a significant decrease from 2.9 percent in 2023 and 5.0 percent in 2022. (Arab News)
Key contributors to the 2024 decline:
Qatar’s low and stable inflation reflects its robust economic policies and effective management of key sectors.
Strengthening Qatar’s economy through diversification
Qatar’s economic diversification under Qatar National Vision 2030, positions the construction sector as a vital pillar of growth. The Third National Development Strategy for 2024–2030 marks a pivotal step towards achieving the goals set out within Vision 2030, focusing on economic, social and environmental development while building long-term resilience.
For the construction industry, the Third National Development Strategy is expected to bring significant opportunities and shape future trends.
Tourism sector remains strong
Visitor arrivals to Qatar hit an all‑time high of 4.0 million during the 2022 FIFA World Cup, then normalised to 3.1 million in 2024, still almost 50 percent above the 2019 pre‑pandemic base, according to the Qatar National Planning Council (NPC) data set compiled by Haver Analytics.
NPC’s preliminary figures point to roughly 3.3 – 3.4 million visitors in 2025 meaning Qatar is well on its climb toward its 6 million visitor target by 2030.
Figure 1:
Select 2030 detailed targets
Logistic
6.6% real GDP compound annual growth rate (CAGR)
2.4% labour productivity CAGR
Up to QAR25B in exports
Tourism
6m visitors
QAR 34bn total in-destination spend
Up to 19m total room nights
Manufacturing
3.4% real GDP CAGR
1.9% labour productivity compound annual growth rate
Rank 40 on the Consumer Price Index
IT & Digital services
7.8% real GDP CAGR
47.300 employees
Financial services
35 fintechs companies launched
QAR10B assets under management from Qatar
Sports tourism a driver for growth
Sports tourism remains a vital growth driver, contributing US$1.6-2.4bn to Qatar’s GDP, according to PricewaterhouseCoopers (PwC).
Qatar is determined to turn the post‑World‑Cup momentum into sustained tourism growth, and 2025 will act as the launch‑pad. Headline events already locked in include:
- Formula 1 Qatar Airways Grand Prix and MotoGP double‑header at Lusail
- FIFA U-17 World Cup
- Doha Diamond League athletics meet
- ITTF World Table Tennis Championships
- Asian Beach Volleyball Championship
- FIBA Basketball WorldCup 2027
The calendar stays crowded from 2026 all the way to the 2030 Asian Games, keeping the spotlight firmly on Doha.
Qatar can now stage these spectacles with ease, thanks to its World‑Cup‑era stadiums, the expanded Hamad International Airport (capacity rising to 70 million passengers), a new Grand Cruise Terminal, and fresh entertainment districts in Lusail and Msheireb. Together with Qatar’s Visa‑free entry for 100+ nationalities, they underpin a tourism strategy that blends elite sport with flagship museums and year‑round business congresses, keeping Qatar on track for its 6 million‑visitor target by 2030.
"With the majority of hospitality projects delivered in the lead-up to the World Cup, Qatar is now shifting its focus to selected mixed-use developments, such as Simaisma Project, that aim to sustain and grow tourism. These projects continue to reflect the country’s commitment to sustainability and innovative design, reinforcing its position as a premier global destination."
Francesca Mollica Project Director, Qatar
Natural resources and industrial projects underpin construction growth
Qatar is poised to double the size of its economy by 2031, as it restores government revenues to pre-2014 oil price shock levels, according to a recent report by Standard Chartered.
Qatar’s energy and natural resources sector remains a cornerstone of the country’s economic stability and growth. The country has successfully capitalised on rising hydrocarbon prices and an increase in global energy demand, particularly for liquefied natural gas (LNG), with the LNG sector contributing approximately 70 percent of government revenue and 80 percent of export receipts.
The expansion of LNG capacity is expected to nearly double the country's natural gas production by 2030, from 77m tonnes per annum today to production capacity of 142m tonnes per year by the end of 2030.
Green bonds show Qatar’s commitment to sustainability
Qatar has taken a significant step toward sustainability by issuing USD2.5bn green bonds, a first in the region.
These bonds are specifically designed to fund sustainable projects focused on renewable energy and infrastructure improvements that align with Qatar’s sustainable development goals.
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