The FIFA World Cup has given a strong force multiplier to Qatar's real economy during the fourth quarter (Q4) of 2022, triggered by a robust double-digit growth in the hospitality, transportation and trade sectors, according to the Planning and Statistics Authority (PSA).
Qatar reported an 8% real (inflation adjusted) gross domestic product or GDP growth on an annualised basis during Q4-2022, as the non-hydrocarbons expanded faster than the hydrocarbons sector.
The fourth quarter featured Qatar's successful football extravaganza that not only saw record more than 1mn visitors, but also gave a fillip to the tourism and allied sectors.
The mining and quarrying sector, under which hydrocarbons fall, grew 4.8% year-on-year and the non-mining and quarrying sector rose faster at 9.9% to place the overall real GDP at QR179.99bn. The agriculture, forestry and fishing sectors soared 5.6% on an annualised basis in Q4-2022.
On a quarterly basis, the country’s real GDP gained 2.7% during Q4-2022 with the non-mining and quarrying sector growing 4.4%, even as mining and quarrying sector was down 0.3%.
Within non-hydrocarbons, the accommodation and food service segment is estimated to have expanded 64.8% year-on-year in Q4-2022, followed by transport and storage by 25.4%, wholesale and retail trade by 16.1%, information and communication by (11.9%), finance and insurance by 8.5%, manufacturing by 7.1%, utilities by 6.1%, construction by 4.3% and real estate by 4%.
On a quarterly basis, the accommodation and food service sector surged 60.6%, wholesale and retail trade (12.4%), finance and insurance (11.6%), transport and storage (6.8%), information and communication (2.2%), construction (1.5%) and real estate (0.9%) in the review period.
Nevertheless, the utilities sector witnessed a 21.3% contraction and manufacturing by 0.5% in February 2023.
On a nominal basis (at current prices), Qatar's GDP is estimated to have soared 26.2% year-on-year but fell 4% quarter-on-quarter at the end of Q4-2022.
The mining and quarrying sector saw a healthy 43.4% surge on an annualised basis while it tanked 14.5% on a monthly basis this February.
The non-hydrocarbons sector is estimated to have growth 16.4% and 5.1% year-on-year and quarter-on-quarter respectively in the review period.
Within non-hydrocarbons (in nominal terms), there was a 56.8% surge in accommodation and food service, 31.2% in finance and insurance, 24.8% in manufacturing, 24.7% in transport and storage, 17.9% in real estate, 16.9% in wholesale and retail trade, 12.7% in utilities, 11.1% in information and communication and 8.8% in construction in the review period.
On a quarterly basis in nominal terms, the accommodation and food services segment saw a 59% surge, finance and insurance (40%), wholesale and retail trade (13.1%), real estate (4.9%), information and communication (3.7%) and construction (1.4%) in February 2023.
However, the utilities segment tanked 16.3%, manufacturing by 6.5% and transport and storage by 0.8% in nominal terms on a quarterly basis this February.
The import duties, on real terms, are estimated to have risen 20.1% and 2.5% year-on-year and quarter-on-quarter respectively at the end of fourth quarter 2022. On nominal terms, they reported a 22.6% and 3.2% jump respectively in the review period.
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