The Planning and Statistics Authority (PSA) have released the preliminary estimates of gross domestic product (GDP) at current and constant prices (2018=100) for the fourth quarter (Q4) of 2023. The estimates have been produced with data collected through the Quarterly Economic Indicator Survey and from other source agencies.
This press release presents the preliminary estimates of GDP for the fourth quarter of 2023 and compares it to the revised GDP estimates for the Fourth quarter of 2022 and the third quarter of 2023.
HIGHLIGHTS
- Gross domestic product at current prices (nominal GDP) decreased by 10.4% in the fourth quarter of 2023 over the fourth quarter of 2022.
- Gross domestic product at constant prices (real GDP, 2018=100) decreased by 0.04% in the fourth quarter of 2023, year on year.
- Gross value added at constant 2018 prices for Mining and Quarrying activities decreased by 3.1% in the fourth quarter of 2023 compared to the same quarter in 2022.
- Gross value added at constant 2018 prices for Non-Mining and Quarrying activities increased by 1.7% in the fourth quarter of 2023, year on year.
Fourth Quarter 2023 Nominal and Real GDP Estimates
The quarterly GDP at current prices in Q4 of 2023 is estimated at QR 194.779 billion. This represents a decrease of 10.4% compared to the estimate of Q4 of 2022 placed at QR 217.361 billion. When compared to previous quarter (Q3) of 2023 revised estimate of QR 198.821 billion, a decrease of 2.0% is recorded.
The quarterly GDP at constant prices (2018=100) shows a decrease of 0.04% in Q4 of 2023 (QR 176.780 billion) compared to the estimate of Q4 of 2022 (QR 176.858 billion). When compared to Q3 of 2023 revised estimate (QR 177.827 billion), a decrease of 0.6% is recorded.
Mining and Quarrying Activities
The nominal gross value added (GVA) estimate of Mining and Quarrying activities is estimated at QR 71.688 billion in Q4 2023, which shows a decrease of 21.4% over the estimate of Q4 2022 placed at QR 91.248 billion. Compared to the previous quarter Q3 2023 revised estimate (QR 79.370 billion), a decrease of 9.7% in the GVA of this sector is recorded.
The real GVA of these activities is estimated at QR 62.172 billion in Q4 2023, which shows an increase of 3.1% compared to the estimate of Q4 2022 (QR 64.180 billion). Compared to Q3 2023 revised estimate (QR 65.875 billion), a decrease of 5.6% in the real GVA of this sector is also recorded.
Non-Mining and Quarrying Activities
The nominal GVA of Non-Mining and Quarrying activities is estimated at QR 123.092 billion in Q4 2023, which shows a decrease of 2.4% over the estimate of Q4 2022 (QR 126.113 billion). Compared to the previous quarter Q3 2023 revised estimate (QR 119.451 billion), an increase of 3.0% is recorded.
The real GVA of Non-Mining and Quarrying activities is estimated at QR 114.608 billion in Q4 2023, which shows an increase of 1.7% over the estimate of the Q4 2022 (QR 112.678 billion). When compared to Q3 2023 revised estimate (QR 111.951 billion), an increase of 2.4% is also recorded.
