The Qatari economy achieved a real growth rate of 2.7 percent during the first quarter of the current year compared to the same period in 2022, according to the annual basis.
Data from the Planning and Statistics Authority, released today, indicates that the quarterly Gross Domestic Product (GDP) estimates at constant prices reached around QR 170.10 billion in the first quarter of 2023, compared to the revised first quarter estimate for 2022, which stood at QR 165.60 billion. This resulted in a 2.7 percent increase. When compared to the revised estimates for the fourth quarter of 2022, which were QR 177.02 billion, a decrease of 3.9 percent was observed.
Similarly, the quarterly GDP estimates at current prices for the same period in 2023 amounted to approximately QR198.74 billion, reflecting a 1.0 percent increase compared to the estimates for the same quarter in 2022, which were QR 196.81 billion. However, in comparison to the revised estimates for the fourth quarter of 2022, which were QR 217.58 billion, there was an 8.7 percent decrease in the Gross Domestic Product.
The value nominal gross value added tax (VAT) estimates for mining and quarrying activities at current prices in the first quarter of the current year reached 80.41 billion Qatari Riyals, marking a 4.5 percent decrease compared to the revised estimates for the first quarter of 2022, which were QR 84.17. In comparison to the previous quarter, the fourth quarter of 2022, which registered 91.25 billion Qatari Riyals, there was an 11.9 percent decline in the total value added tax for this sector.
The real gross value added tax estimates at constant prices for the same sector in the first quarter of 2023 reached QR 64.37 billion, reflecting a 4.1 percent increase when compared to the estimates for the first quarter of 2022, which were QR 61.86 billion. However, in comparison to the revised estimates for the fourth quarter of 2022, which were 64.18 billion Qatari Riyals, there was a 0.3 percent increase in this sector’s value added tax.
The data also indicates that the value added tax estimates at current prices for non-mining and quarrying activities in the first quarter of 2023 amounted to 118.33 billion Qatari Riyals, reflecting a 5.0 percent increase compared to the estimates for the first quarter of 2022, which were QR 112.64 billion. However, when compared to the revised estimates for the previous quarter, the fourth quarter of 2022, which were QR 126.34 billion, there was a 6.3 percent decrease in this sector’s value added tax.
Likewise, the value added tax estimates at constant prices for this sector in the first quarter of 2023 amounted to QR 105.73 billion, showing a 1.9 percent increase compared to the estimates for the first quarter of 2022, which were QR 103.74 billion. When compared to the revised estimates for the fourth quarter of 2022, which were QR 112.86 billion, there was a 6.3 percent decrease in the value added tax at constant prices for this sector.
Source: Qatar News Agency