A strong double-digit expansion - especially in non-oil sectors such as transportation and storage, wholesale and retail trade and information and communication - led Qatar to report a 4.3% real (inflation adjusted) growth on an annualised basis during the third quarter (Q3) of 2022, according to the official estimates.
The mining and quarrying sector, under which hydrocarbons fall, grew 2.7% year-on-year and the non-mining and quarrying sector rose faster at 5.3% to QR175.03bn. The agriculture, forestry and fishing sectors soared 13.1% during Q3, 2022, according to figures released by the Planning and Statistics Authority (PSA).
On a quarterly basis, the country’s real GDP gained 3.6% during Q3, 2022 as the mining and quarrying sector was up 0.8% and non-quarrying by 5.4%. The farm sector had seen a 0.7% growth compared to the second quarter of 2022.
Within non-hydrocarbons, the transport and storage sector is estimated to have grown 28.4% in real terms on an annualised basis, followed by information and communication (15.9%), wholesale and retail trade (10.7%), construction (4.5%), utilities (3.6%), manufacturing (2.5%) and real estate (2.3%).
However, finance and insurance services sector declined 5.4% and accommodation and food services (2.8%).
On a quarterly basis, the accommodation and food service sector surged 34.6%, wholesale and retail trade (19.1%), information and communication (18.6%), utilities (18.4%), construction (9.3%), finance and insurance (9.3%), transport and storage (1.1%) and realty (0.2%); while manufacturing shrank 1.5% during the review period.
On a nominal basis (at current prices), Qatar's GDP is estimated to have soared 30.7% and 5.5% year-on-year and quarter-on-quarter respectively at the end of Q3, 2022.
The mining and quarrying sector saw a healthy 56.2% and 8% surge on yearly and quarterly basis respectively and non-hydrocarbons 14.5% and 3.5% year-on-year and quarter-on-quarter respectively in the review period.
Within the non-hydrocarbons sector (in nominal terms), there was a stupendous 39% surge in transport and storage, 26.3% in manufacturing, 17.7% in construction, 15.2% in information and communication, 12.3% in wholesale and retail trade, 12% in real estate, 4.5% in finance and insurance and 3.6% in utilities; even as accommodation and food services weakened 3.1% during the review period.
On a quarterly basis in nominal terms, the accommodation and food services segment saw a 31.9% surge, wholesale and retail trade (19.2%), utilities (16.4%), information and communication (16.1%), construction (10.7%), finance and insurance (9.3%), real estate (3.6%) and transport and storage (3%); whereas manufacturing tanked 15.5%.
The import duties, on real terms, are estimated to have risen 30% and 2.2% year-on-year and quarter-on-quarter respectively at the end of third quarter 2022. On nominal terms, they reported 31.8% and 2.3% jump respectively in the review period.