Economy of Qatar

Economy of Qatar
	West Bay, Doha, the financial centre of Qatar
Currency	Qatari riyal (QAR, QR)
Trade organisations	WTO and GCC
Country group	Developing/Emerging; High-income economy;
Statistics
Population	3,098,866 (2024)
GDP	$240.217 billion (nominal, 2025); $369.24 billion (PPP, 2025;
GDP rank	55th (nominal, 2024); 60th (PPP, 2024);
GDP growth	4.1% (2022); 1.2% (2023); 1.5% (2024f);
GDP per capita	$72,760 (nominal, 2025); $118,760 (PPP, 2025);
GDP per capita rank	8th (nominal, 2024); 4th (PPP, 2024);
GDP by sector	agriculture: 0.2%; industry: 50.3%; services: 49.5%; (2017 est.);
Inflation (CPI)	3.1% (2023); 2.6% (2024f est.);
Human Development Index	0.875 very high (2022) (40th); N/A IHDI (2022);
Labour force	2,035,269 (2023)
Unemployment	0.6% (2017 est.)
Main industries	Liquefied natural gas; crude oil; ammonia; fertilizer; petrochemicals; reinforcing steel; cement; ship repair;
External
Exports	$86.51 billion (2018 est.)
Export goods	Liquefied natural gas, Petroleum Products, Fertilizers, Steel
Main export partners	Japan 17.1%; South Korea 15.6%; India 13.6%; China 13.4%; European Union 7.64%; Singapore 7.05%; Thailand 3.77%; Taiwan 3.28%; Pakistan 2.6%; United Kingdom 2.5%; United States 1.64% (2019);
Imports	$26.69 billion (2017 est.)
Import goods	Machinery and Transport Equipment, Food, Chemicals
Main import partners	European Union 29.13%; United States 14.6%; United Kingdom 9.35%; China 8.56%; India 4.17%; Turkey 3.65%; Japan 3.6%; Oman 2.67% (2019);
Gross external debt	$168 billion (31 December 2017 est.)
Public finances
Government debt	44.5% of GDP (2022)
Revenues	$297.70 billion (2022)
Expenses	$208.70 billion (2022)
Credit rating	Standard & Poor's:; AA (Domestic); AA (Foreign); AA+ (T&C Assessment); Outlook: Stable; Moody's:; Aa2; Outlook: Stable;
	All values, unless otherwise stated, are in US dollars.

The economy of Qatar is one of the highest in the world based on GDP per capita, ranking generally among the top ten richest countries on world rankings for 2015 and 2016 data compiled by the World Bank, the United Nations, and the International Monetary Fund (IMF).^[13]^[14] The country's economy has grown despite sanctions by its neighbors, Saudi Arabia and the United Arab Emirates. Mainly because the country exports primarily to Japan, South Korea, India and China, making the sanctions effectively redundant as neither Saudi Arabia nor the United Arab Emirates have imposed trading penalties such as tariffs or embargoes on any of these countries for trading with Qatar, or offering incentives such as discounts for their own energy exports to reduce Qatari exports.

Petroleum and natural gas are the cornerstones of Qatar's economy and account for more than 70% of total government revenue, more than 60% of gross domestic product, and roughly 85% of export earnings. Qatar has the world's third largest proven natural gas reserve and is the third-largest exporter of natural gas.

Qatar’s economy has been shaped by a unique development model that leverages revenues from its natural gas and oil sectors to drive modernization and economic diversification. Through initiatives like Qatar National Vision 2030, the country aims to reduce its reliance on hydrocarbons while promoting sustainability, human development, and private sector growth. This strategy includes significant investment in state-led projects, such as infrastructure development and sovereign wealth funds, which have supported diversification and global competitiveness. Qatar’s approach distinguishes it from traditional resource-dependent states by prioritizing strategic investments and fostering a diversified, knowledge-based economy. This model emphasizes sustainability, innovation, and global competitiveness, reflecting a long-term commitment to development and economic resilience that extends beyond reliance on natural resource wealth.^[15]

^ "World Economic and Financial Surveys World Economic Outlook Database—WEO Groups and Aggregates Information April 2020". IMF.org. International Monetary Fund. Archived from the original on 22 December 2019. Retrieved 9 September 2020.
^ "World Bank Country and Lending Groups". World Bank. Retrieved 13 February 2024.
^ "Monthly Figures on Total Population". psa.gov.qa. Planning and Statistics Authority. Retrieved 15 August 2023.
^ ^a ^b ^c ^d ^e ^f ^g ^h "Report for Selected Countries and Subjects: October 2024". imf.org. International Monetary Fund.
^ "Real Estate Market Review, Qatar Q1 2023" (PDF). cushmanwakefield.qa. Cushman & Wakefield. Retrieved 18 August 2023.
^ "Human Development Report 2023/2024" (PDF). United Nations Development Programme. 13 March 2024. Archived (PDF) from the original on 13 March 2024. Retrieved 15 June 2024.
^ "Labor force, total - Qatar". data.worldbank.org. World Bank. Retrieved 23 January 2020.
^ "Export Partners of Qatar". The Observatory of Economic Complexity. 2019. Retrieved 19 June 2021.
^ "Import Partners of Qatar". The Observatory of Economic Complexity. 2019. Retrieved 19 June 2021.
^ "The World Factbook". Retrieved 9 March 2018.
^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
^ ^a ^b Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Retrieved 28 May 2011.
^ "GDP per capita (current US$) | Data". data.worldbank.org. Retrieved 13 September 2017.
^ "Report for Selected Countries and Subjects". www.imf.org. Retrieved 13 September 2017.
^ Wright, Steven (2021). "Conceptualising Qatar's Political Economy as a Developmental State". Contemporary Qatar: Examining State and Society. Springer Singapore. pp. 153–170.

[1] "World Economic and Financial Surveys World Economic Outlook Database—WEO Groups and Aggregates Information April 2020". IMF.org. International Monetary Fund. Archived from the original on 22 December 2019. Retrieved 9 September 2020.

[2] "World Bank Country and Lending Groups". World Bank. Retrieved 13 February 2024.

[3] "Monthly Figures on Total Population". psa.gov.qa. Planning and Statistics Authority. Retrieved 15 August 2023.

[GCCWEO-OCT24-4] ^ ^a ^b ^c ^d ^e ^f ^g ^h "Report for Selected Countries and Subjects: October 2024". imf.org. International Monetary Fund.

[CWMRQA23-5] "Real Estate Market Review, Qatar Q1 2023" (PDF). cushmanwakefield.qa. Cushman & Wakefield. Retrieved 18 August 2023.

[qahdi-6] "Human Development Report 2023/2024" (PDF). United Nations Development Programme. 13 March 2024. Archived (PDF) from the original on 13 March 2024. Retrieved 15 June 2024.

[7] "Labor force, total - Qatar". data.worldbank.org. World Bank. Retrieved 23 January 2020.

[8] "Export Partners of Qatar". The Observatory of Economic Complexity. 2019. Retrieved 19 June 2021.

[9] "Import Partners of Qatar". The Observatory of Economic Complexity. 2019. Retrieved 19 June 2021.

[CIA_World_Fact_Book_-_Qatar's_Economy-10] "The World Factbook". Retrieved 9 March 2018.

[11] "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.

[guardian-12] Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. Retrieved 28 May 2011.

[13] "GDP per capita (current US$) | Data". data.worldbank.org. Retrieved 13 September 2017.

[14] "Report for Selected Countries and Subjects". www.imf.org. Retrieved 13 September 2017.

[15] Wright, Steven (2021). "Conceptualising Qatar's Political Economy as a Developmental State". Contemporary Qatar: Examining State and Society. Springer Singapore. pp. 153–170.

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