In a year when much of the world is walking on economic eggshells, Qatar is managing to hold its head high. Thanks to its smart planning and a strong mix of energy and non-energy sectors, the country’s economy is expected to stay on solid ground throughout 2025.
Growth May Be Slower—But It’s Still Growth
Yes, global uncertainty and softening energy prices have nudged Qatar’s expected growth down slightly—from 2.9% to 2.6%, according to Fitch Solutions. But here’s the thing: it’s still better than last year’s 2.4%, and it’s even more optimistic than what the IMF is predicting.
That slight dip doesn’t mean trouble. It just means Qatar is adjusting to the world’s new pace while staying on course.
More Than Just Oil
Oil and gas may be the backbone of Qatar’s economy, but they’re not the whole story anymore. The country’s non-oil sectors are picking up momentum:
- Manufacturing is rebounding after a tough 2024.
- Retail and services are going strong, thanks to lower inflation and a growing population.
- Banks and finance are likely to benefit as interest rates start to ease up.
Fitch says this combination of energy and non-energy growth is what keeps Qatar. Shielded from global shocks—especially with those long-term export contracts still in place.
Some Bumps in the Road
It’s not all smooth sailing. Construction and real estate are expected to slow down, mostly because investors are being more cautious amid global jitters. Still, this doesn’t spell crisis—it just means a more measured pace in these sectors for now.
And while exports to the US may face minor tariffs, they make up such a tiny part of Qatar’s economy (just 1.5% of exports) that the impact is expected to be minimal.
Qatar’s Safety Net
Even with slightly lower oil and gas revenue, Qatar’s financial health remains impressive. The country is projected to have a current account surplus of 10% of GDP in 2025. That’s still a big cushion—and one that helps maintain the strength of Qatari riyal and confidence in the market.
Meanwhile, the Qatar Central Bank is expected to lower interest rates a bit more aggressively than the US Federal Reserve, giving the economy a little extra breathing room.
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