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FILE PHOTO: The Standard Chartered bank logo is seen at their headquarters in London, Britain, July 26, 2022. REUTERS/Peter Nicholls.
Qatar’s economy is projected to perform better next year than what was previously forecast on the back of higher gas production and diversification efforts according to Standard Chartered on Monday.
The bank has revised its economic growth projection for the Gulf state, substantially increasing the GDP forecast in 2026 to 5.5%, compared to 4% earlier.
The latest figure exceeds the 5.2% average market projection. However, the country’s GDP growth expectation for the year has remained unchanged at 4%.
Positive sentiment towards higher gas production and LNG exports are the primary factors behind the updated growth projections for 2026.
During the second half of 2025, Qatar’s non-hydrocarbon industry, which accounts for more than 60% of the country’s GDP, is expected to drive most of the growth.
Qatar’s tourism, financial services and trade are likely to be the key growth drivers in the sector, which grew at its fastest pace by 6.1% year-on-year in the fourth quarter of 2024.
The bank also credited the country’s reforms and strategic investments for maintaining its strong economic footing despite a volatile global environment.
“Qatar’s long-term vision continues to set it apart in a volatile global environment… Qatar is demonstrating how targeted reforms and strategic investments can unlock new engines of sustainable growth and keep the economy on a firm trajectory in 2025 and beyond,” said Muhannad Mukahall, CEO and Head of Coverage, Standard Chartered Qatar.
(Writing by Cleofe Maceda; editing by Seban Scaria)
