Qatar's Economy Grows 2.5 Percent YoY in 2022 Q1

By A Robin - July 05, 2022

Doha

The Qatari economy achieved a Real Economic Growth Rate - at constant prices - of 2.5 percent during the first quarter of 2022 on an annual basis, according to the preliminary estimates of the gross domestic product (GDP) issued in a press release by the Planning and Statistics Authority (PSA).

The quarterly GDP at constant prices (2018=100) shows an increase of 2.5 percent in Q1 of 2022 (QR 166.26 billion) compared to the estimate of Q1 of 2021 (QR 162.15 billion).

The same figures showed that in Q4 of 2021 an decrease of 0.3 percent occurred, making the GDP reach QR 166.68 billion.

The quarterly GDP at current prices in Q1 of 2022 is estimated at QR 197.74 billion. This represents an increase of 33.4 percent compared to the estimate of Q1 of 2021 placed at QR 148.28 billion.

When compared to previous quarter (Q4) of 2021 revised estimate of QR 174.65 billion, an increase of 13.2 percent is recorded.

On the one hand, the nominal gross value added (GVA) estimate of Mining and Quarrying activities is estimated at QR 84.25 billion in Q1 2022, which shows an increase of 62.6 percent over the estimate of Q1 2021 placed at QR 51.81 billion. Compared to the previous quarter Q4 2021 revised estimate (QR 63.64 billion), an increase of 32.4 percent in the GVA of this sector is recorded.

Whereas, the real GVA of these activities is estimated at QR 61.80 billion in Q1 2022, which shows a decrease of 1.7 percent compared to the estimate of Q1 2021 (QR 62.87 billion). Compared to Q4 2021 revised estimate (QR 61.25 billion), an increase of 0.9 percent in the real GVA of this sector is also recorded.

On the other hand, the nominal GVA of Non-Mining and Quarrying activities is estimated at QR 113.48 billion in Q1 2022, which shows an increase of 17.6 percent over the estimate of Q1 2021 (QR 96.47 billion). Compared to the previous quarter Q4 2021 revised estimate (QR 111.01 billion), an increase of 2.2 percent is recorded.

Whereas, the real GVA of Non-Mining and Quarrying activities is estimated at QR 104.46 billion in Q1 2022, which shows an increase of 5.2 percent over the estimate of the Q1 2021 (QR 99.29 billion). When compared to the Q4 2021 revised estimate (QR 105.43 billion), a decrease of 0.9 percent is also recorded.

(QNA)