Qatar’s economy demonstrated solid and balanced performance in 2025, according to the Qatar Central Bank’s (QCB) 2025 Annual Economic Report released on Tuesday.
The report highlights that real GDP grew by 2.9%, while non-hydrocarbon GDP expanded by 4.8%, confirming that diversification and non-hydrocarbon activities remain the main drivers of growth in line with Qatar National Vision 2030.
Inflation stayed limited at an average of 0.5%, with price pressures confined to a narrow range of consumer items, and real estate prices remained stable, indicating a sustainable market without signs of overheating.
Tourism was a key bright spot, with visitor numbers expected to reach 5.1m in 2025, up from about 4.9m in 2024 and 4.0m in 2023, reinforcing Qatar’s status as a leading regional destination and supporting broader diversification efforts.
Activity in the non-oil private sector also remained firmly in expansionary territory, as shown by a Purchasing Managers’ Index (PMI) average of 51.2 points, signalling continued growth momentum outside the hydrocarbon sector.
Externally, Qatar maintained a strong position, with the current account recording a surplus of QR116.2bn, equivalent to 14.8% of GDP, underlining the strength of external revenues and their contribution to economic and financial stability.
Financial markets were resilient, with the Qatar Stock Exchange’s general index posting annual gains of 1.8%, despite global market volatility.
The report further notes that Qatar retained its high sovereign credit ratings throughout 2025 - AA from Standard & Poor’s and Fitch, and AA2 from Moody’s, all with a stable outlook - reflecting continued confidence in the country’s economic fundamentals and policy framework.
Overall, QCB concludes that Qatar ended 2025 with a combination of real growth, price stability, strong external accounts and robust financial markets, strengthening confidence in its diversification trajectory and its position as one of the region’s most stable economies.
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