Doha, June 30 (QNA) - The National Planning Council (NPC) has announced GDP data for the first quarter of 2025, with Qatar's economy registering real GDP growth of 3.7% compared to the same period in 2024.

In a press release, the NPC said GDP at constant prices reached QAR 181.5 billion in the first quarter of 2025, compared to QAR 175 billion in the same quarter of the previous year.

These results indicate strong progress towards achieving sustainable growth, built on diversifying the economy beyond hydrocarbon activities and increasing the contribution of the private sector in accordance with the Third National Development Strategy (NDS3) and Qatar's National Vision 2030.

To provide a more accurate reading of the national economy, the National Statistics Center, within the National Planning Council, deployed an updated methodology for calculating GDP, and has revised quarterly GDP data for the period between 2018 and 2024. The revisions in the methodology revolved around updating indicators for different economic activities, and introducing other advanced calculations that align with international standards for measuring output.

Data issued by the National Statistics Centre highlighted the results of national efforts in strengthening the non-hydrocarbon economy, whose contribution constituted 63.6% of real GDP for the first quarter of 2025, around QAR 115 billion, a growing share compared to the 62.6% figure in the same period in 2024. The non-hydrocarbon economy is delivering accelerated year-on-year growth of 5.3% in the first quarter of 2025 compared to the same last year reflecting the ongoing expansion of various

economic activities away from the traditional reliance on hydrocarbon related activities.

The growth of the non-hydrocarbon economy by 5.3% in the first quarter of this year is attributed to the growth in the manufacturing sector which increased by +5.6%, the construction sector +4.4%, the real estate sector +7.0% and the wholesale and retail trade sector +14.6%. Significant increases were also recorded in relatively smaller parts of the economy including the accommodation and food services sector +13.8%, and the transport and storage sector +3.5%, demonstrating broad-based growth and continued growth in tourism activity in the State of Qatar.

The continued and consistent growth of the non-hydrocarbon economy in the first quarter of 2025 demonstrates the effectiveness of the State's policies and reforms in improving the business environment and providing opportunities to the private sector.

It also demonstrates strong commitment of both public and private sectors to invest in the local market and drive growth through the implementation of the Third National Development Strategy, in line with the economic diversification roadmap set out by Qatar's National Vision 2030.

Non-hydrocarbon growth was not limited to manufacturing and production activities, service activities also witnessed growth compared to the same period in 2024, professional including scientific and technical activities +7.2%, human health and social work +2.6%, and the education sector +0.1%.

Service activities continue to be a priority for government and these growth rates demonstrate an intensification of efforts to enhance quality of life and human capital in Qatar, and continually increase Qatar's global competitiveness.

Despite the volatility facing the global economy and its potential impact on oil and gas prices, growth in hydrocarbon activities continues, now accounting for 36.4% of Qatar's real GDP, around QAR 66 billion, with a growth rate of 1.0% compared to the same period of 2024.

These figures reflect continued strong demand for Qatari hydrocarbon products, as well as the resilience of the Qatari economy in the face of global economic challenges.

Commenting on the latest GDP figures, HE Secretary General of the National Planning Council Dr. Abdulaziz bin Nasser bin Mubarak Al Khalifa said: "These indicators highlight the progress of Qatar's economy, particularly in terms of non-hydrocarbon economic growth, whose activities have recorded remarkable growth demonstrating greater diversification and stability for Qatar's economy as the State continues to strive to build a sustainable economy.

The current growth rates also indicate additional opportunities for development, as there remains significant potential that we seek to unlock through the Third National Development Strategy to continue to build sustainable economic growth that offers unique investment and entrepreneurial opportunities for the private sector." (QNA)