Saudi Press

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Thursday, Jul 18, 2024

Qatar's Non-Oil Sector Boosts Economic Growth in Fourth Quarter of 2022

Qatar's Non-Oil Sector Boosts Economic Growth in Fourth Quarter of 2022

Qatar's economy is growing due to non-oil activities, as shown by the 9.9% growth in the non-oil sector in the fourth quarter of 2022 and the 4.8% rise in oil activities.
The growth is part of a trend in the Gulf Cooperation Council countries to diversify away from oil and invest in sectors that yield financial returns and boost innovation.

Qatar has been investing in financial institutions and stimulating business growth, which has led to significant increases in both domestic and foreign investments.

The country has also been investing in non-oil activities, such as hosting the FIFA World Cup 2022, and plans to invest £10 billion in the UK through 2027 in sectors such as fintech, technology, and e-commerce.

The Qatari prime minister emphasized the importance of supporting small and medium enterprises to achieve prosperity.
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