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The Qatar Central Bank’s 2025 Annual Macroeconomic Review distributed through Qatar News Agency detailed a year of balanced economic performance anchored by diversification away from hydrocarbons. Non-hydrocarbon GDP expanded at a faster 4.8 percent clip, underscoring the contribution of sectors aligned with long-term national strategies. World Bank data places the full-year growth rate at 2.9 percent with nominal GDP reaching 215.56 billion U.S. dollars while per capita output stood at 72,524.9 dollars.
According to the central bank’s assessment, inflation remained contained at an average 0.5 percent across 2025 with pressures limited largely to jewelry and a handful of service categories. Real estate prices exhibited stability throughout the period, supporting broader household and investor confidence. The review ties this price discipline to measured monetary settings that avoided wider transmission of global cost pressures.
Visitor arrivals climbed to 5.1 million in 2025 from 4.9 million the year before and 4.0 million in 2023, the QCB report stated. The Purchasing Managers’ Index held at an average 51.2, signaling ongoing expansion in private-sector activity above the neutral 50 threshold. National Planning Council figures show non-hydrocarbon activities expanded 4.4 percent in the third quarter and 4.5 percent in the fourth, led by construction, wholesale trade, accommodation and transport.
Qatar maintained a current account surplus of 116.2 billion riyals equivalent to 14.8 percent of GDP, according to the central bank’s external position analysis. The Qatar Stock Exchange Index posted a 1.8 percent annual gain, reflecting resilience in domestic capital markets. Sovereign credit ratings closed the year at AA from both S&P and Fitch together with Aa2 from Moody’s, all carrying stable outlooks.
National Planning Council statistics indicate quarterly real GDP growth moderated from 2.9 percent in the third quarter of 2025 to 2.0 percent in the fourth as hydrocarbon output contracted while non-hydrocarbon segments continued to advance. Mining and quarrying, which represent roughly one-third of the economy, declined 2.4 percent in the final quarter yet the remaining two-thirds of activity rose 4.5 percent on strong domestic demand and infrastructure projects. This quarterly pattern illustrates the steadily rising weight of non-oil sectors in overall output.
The review concludes that the economy closed 2025 with solid growth, price stability and a strong external balance, the Qatar Central Bank reported. Further data in the document highlight sustained momentum across 15 of 17 economic activities during key reporting periods. Such outcomes remain consistent with quarterly revisions issued by the National Planning Council that progressively refined national accounts to international standards.
