Doha, Qatar – The Qatari economy has reported a growth rate of 2.7 percent during the first quarter of 2023 compared to the same period in 2022, according to data released by the country’s Planning and Statistics Authority.
The quarterly Gross Domestic Product (GDP) estimates at constant prices reached approximately QR 170.10 billion ($46.72 billion) in the first quarter of 2023, compared to the revised first-quarter estimate for 2022, which stood at QR 165.60 billion ($45.44 billion), a 2.7 percent increase. However, when compared to the revised estimates for the fourth quarter of 2022, which were QR 177.02 billion ($48.61 billion), there was a 3.9 percent decrease in the GDP.
Similarly, the quarterly GDP estimates at current prices for the same period in 2023 amounted to roughly QR 198.74 billion ($54.75 billion), reflecting a 1.0 percent increase compared to the estimates for the same quarter in 2022, which were approximately QR 196.81 billion ($53.97 billion). Nevertheless, in comparison to the revised estimates for the fourth quarter of 2022, which were around QR 217.58 billion ($59.82 billion), there was an 8.7 percent decrease in the GDP.
The nominal gross value added tax (VAT) estimates for mining and quarrying activities at current prices in the first quarter of 2023 reached QR 80.41 billion ($22.09 billion), marking a 4.5 percent decrease compared to the revised estimates for the first quarter of 2022, which were QR 84.17 billion ($23.05 billion). In comparison to the previous quarter, the fourth quarter of 2022, which registered QR 91.25 billion ($25.04 billion), there was an 11.9 percent decline in the total value-added tax for this sector.
The real gross value-added tax estimates at constant prices for the same sector in the first quarter of 2023 reached QR 64.37 billion ($17.68 billion), reflecting a 4.1 percent increase compared to the estimates for the first quarter of 2022, which were QR 61.86 billion ($17.01 billion). However, in comparison to the revised estimates for the fourth quarter of 2022, which were QR 64.18 billion ($17.58 billion), there was a 0.3 percent increase in this sector’s value-added tax.
The data also indicates that the value-added tax estimates at current prices for non-mining and quarrying activities in the first quarter of 2023 amounted to approximately QR 118.33 billion ($32.49 billion), reflecting a 5.0 percent increase compared to the estimates for the first quarter of 2022, which were around QR 112.64 billion ($30.83 billion). Nevertheless, when compared to the revised estimates for the previous quarter, the fourth quarter of 2022, which were approximately QR 126.34 billion ($34.31 billion), there was a 6.3 percent decrease in this sector’s value-added tax.
Similarly, the value-added tax estimates at constant prices for this sector in the first quarter of 2023 amounted to roughly QR 105.73 billion ($28.95 billion), showing a 1.9 percent increase compared to the estimates for the first quarter of 2022, which were QR 103.74 billion ($28.39 billion). When compared to the revised estimates for the fourth quarter of 2022, which were approximately QR 112.86 billion ($30.82 billion), there was a 6.3 percent decrease in the value-added tax at constant prices for this sector.