Qatar reported an overall 0.8% year-on-year growth in real gross domestic product (GDP) during the second quarter (Q2) of 2024, powered by its non-oil sector, especially information and communication, transport and wholesale and retail trade, according to official estimates.

Qatar's inflation-adjusted (real) economy is estimated to have grown despite contraction in the hydrocarbons sector, according to the National Planning Council (NPC) data.

The real economy was up 1% on a quarterly basis during the review period with non-mining sector growth masking the decline in the mining sector.

The mining and quarrying sector, under which hydrocarbons fall, is estimated to have fallen 2.6% year-on-year, but non-mining and quarrying sector jumped 2.8% to place the overall real GDP at QR177bn.

The agriculture, forestry and fishing sectors were seen falling 5.2% and 4.8% on yearly and quarterly basis respectively during Q2-2024.

On a quarterly basis, the real GDP (at constant prices) growth during Q2-2024 was mainly due to a 3.7% surge in the non-mining sector, even as mining and quarrying sector reported a 3.5% decrease.

Within non-hydrocarbons, the information and communication segments is estimated to have expanded 8.8%, followed by transportation and storage (7.7%), real estate (6.9%), wholesale and retail trade (3.2%) and accommodation and food service (1.8%).

Nevertheless, utilities saw a 6.9% decline, manufacturing (2.7%), construction (0.6%) and finance and insurance (0.1%) during the review period.

On a quarterly basis, the accommodation and food services segment witnessed 9.1% surge, information and communication (8.4%), finance and insurance (7.2%), construction (7.2%), manufacturing (3.5%), realty (3%), wholesale and retail trade (1%), utilities (1%) and transportation and storage (0.2%) during Q2-2024.

At constant prices, the construction sector contributed 11.1% to the GDP, followed by finance and insurance 8.5%, wholesale and retail trade 7.6%, manufacturing 7.4% and real estate 7.3% at the end of Q2-2024.

On a nominal basis (at current prices), Qatar's GDP is estimated to have grown 0.7% and 0.9% year-on-year and quarter-on-quarter respectively at the end of Q2-2024.

The non-mining and quarrying sectors shot up 1.8% and 3.7% on annualised and quarterly basis respectively during Q2-2024; whereas the mining sector reported 1% and 3.4% contraction year-on-year and quarter-on-quarter respectively.

Within non-hydrocarbons (in nominal terms), there was an 8.2% year-on-year jump in transportation and storage, 7.9% in accommodation and food service, 7% in real estate and 4% in wholesale and retail trade during Q2-2024.

Nevertheless, the construction sector saw a 3.8% decline, information and communication (3.6%), finance and insurance (1.6%), manufacturing (1.3%) and utilities (0.6%) during the review period.

On a quarterly basis in nominal terms, the finance and insurance segment zoomed 9%, construction (7.5%), manufacturing (5.9%), real estate (3.9%) and wholesale and retail trade (0.6%) during Q2-2024.

However, the information and communication segment saw a 3% shrinkage on a quarterly basis, transportation and storage (2.7%), utilities (0.5%) and accommodation and food services (0.3%) during Q2-2024.

The import duties, on real terms, are estimated to have risen 10.7% year-on-year but shrank 12.1% quarter-on-quarter at the end of Q2-2024.

On nominal terms, the import duties reported a 7.9% expansion year-on-year, whereas it plunged 8.9% on a quarterly basis during the review period.