Dubai, UAE — Qatar’s nominal GDP is expected to reach $227.3 billion in 2023 and $228.8 billion in 2024, driven by higher oil prices and increased production by GCC countries, a report by Emirates NBD said.
The report forecasts real GDP growth to reach 2.3 percent in 2023 and 2.6 percent in 2024.
The report forecasts the current account surplus to reach 20.8 percent of GDP in 2023 and 22.8 percent of GDP in 2024. This widening of the current account surplus is being driven by the higher oil prices and increased production.
The budget balance is expected to reach 5.6 percent of GDP in 2023 and 6 percent of GDP in 2024. The report forecasts inflation to reach 3 percent in 2023 and 2.5 percent in 2024, driven by increased demand for goods and services.
In May this year, the International Monetary Fund said it expects Qatar’s real GDP to grow by 2-2.5 percent in 2023-24 on robust domestic demand and the ongoing LNG expansion, with inflation moderating gradually to around 3 percent.
It said that after very strong growth in 2022 boosted by the World Cup, the economy is expected to normalize in the near term while the outlook remains relatively favorable. The IMF had issued the forecast at the end of a visit to Doha by an IMF team, led by Ran Bi, from May 2-11.
“Medium-term growth is likely to rise to around 4–4½ percent after the North Field expansion starts boosting LNG production. Aided by buoyant export revenue and public spending, the fiscal and external current accounts are projected be in surpluses throughout the medium term,” the IMF had said.