Qatar's economic growth has slowed down due to lower international oil and gas prices and reduced spending after hosting the most expensive World Cup ever.
Qatar’s GDP grew only 2.7% in Q1 2023, a sharp decline from its performance during the World Cup in Q4 2022, when the GDP shrank by 3.9%.
Qatar is estimated to have spent around $220 billion to host the World Cup at the end of last year in what was the most expensive World Cup ever. Most of the funds were spent on hospitality, transportation infrastructure, and telecommunications. Lower international oil and gas prices also led to lower proceeds for the state and for spending. Oil and gas-related growth, the so-called mining and quarrying activities, was 0.3% in terms of real gross value added in Q1 2023 compared to the fourth quarter of 2022. Non-hydrocarbon activities, on the other hand, saw a 6.3% decline quarter-on-quarter in the first quarter of 2023.
Qatar’s economy this year reflects not only the lower global gas prices but also the lack of significant spending on major infrastructure projects after the World Cup ended. In April, BMI, a Fitch Solutions company, its projections for Qatar’s real GDP growth in 2023 to 2.3%, from 2.6% previously expected.
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