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 second quarter (Q2) 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 estimates of GDP for the second quarter of 2023 and compares it to the GDP estimates for the second quarter of 2022 and the revised estimates for the first quarter of 2023.
HIGHLIGHTS
- Gross domestic product at current prices (nominal GDP) decreased by 13.7% in the second quarter of 2023 over the second quarter of 2022.
- Gross domestic product at constant prices (real GDP, 2018=100) increased by 1.0% in the second quarter of 2023, year on year.
- Gross value added at constant 2018 prices for Mining and Quarrying activities increased by 2.3% in the second 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 0.1% in the second quarter of 2023, year on year.
Second Quarter 2023 Nominal and Real GDP Estimates
The quarterly GDP at current prices in Q1 of 2023 is estimated at QR 186.37 billion. This represents a decrease of 13.7% compared to the estimate of Q2 of 2022 placed at QR 216.03 billion. When compared to previous quarter (Q1) of 2023 revised estimate of QR 196.15 billion, a decrease of 5.0% is recorded.
The quarterly GDP at constant prices (2018=100) shows an increase of 1.0% in Q2 of 2023 (QR 170.09 billion) compared to the estimate of Q2 of 2022 (QR 168.47 billion). When compared to Q1 of 2023 revised estimate (QR 169.19 billion), an increase of 0.5% is recorded.
Mining and Quarrying Activities
The nominal gross value added (GVA) estimate of Mining and Quarrying activities is estimated at QR 73.04 billion in Q2 2023, which shows a decrease of 25.5% over the estimate of Q2 2022 placed at QR 98.09 billion. Compared to the previous quarter Q1 2023 revised estimate (QR 80.41 billion), a decrease of 9.2% in the GVA of this sector is recorded.
The real GVA of these activities is estimated at QR 65.37 billion in Q2 2023, which shows an increase of 2.3% compared to the estimate of Q2 2022 (QR 63.88 billion). Compared to Q1 2023 revised estimate (QR 64.37 billion), an increase of 1.6% 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 113.33 billion in Q2 2023, which shows a decrease of 3.9% over the estimate of Q2 2022 (QR 117.94 billion). Compared to the previous quarter Q1 2023 revised estimate (QR 115.75 billion), a decrease of 2.1% is recorded.
The real GVA of Non-Mining and Quarrying activities is estimated at QR 104.72 billion in Q2 2023, which shows an increase of 0.1% over the estimate of the Q2 2022 (QR 104.59 billion). When compared to Q1 2023 revised estimate (QR 104.82 billion), a decrease of 0.1% is also recorded.
