S&P Global Ratings expects economic activity in Qatar to slow to 2% in 2023 after a nearly 5% growth in 2022, which was supported by the soccer World Cup.
However, growth momentum at the world’s biggest gas exporter should strengthen again through 2026, bolstered by high investments and hydrocarbon production increases in line with the North Field Expansion (NFE), a major project set to expand Qatar’s LNG export capacity.
As Qatar derives about 40% of its GDP, 80% of government revenue, and 90% of exports from the hydrocarbon sector, S&P has based its forecasts on the expectation that the Brent oil price will average about $82 per barrel (/bbl) in 2023 and $85 bbl thereafter.—Zawya News
