Mining and quarrying activities saw a 3.1% year-on-year drop in the fourth quarter, Qatari economy contracted by 0.4% in the fourth quarter of 2023 RIYADH: Qatar’s non-mining and quarrying activities increased by 1.7 percent year-on-year in the fourth quarter of 2023 to 114.60 billion Qatari riyals ($31.39 billion), according to the latest data. The country’s non-mining activities also witnessed a rise of 2.4 percent in the final three months of last year compared to the previous quarter of the same year, Qatar’s Planning and Statistics Authority revealed. The official data comes days after a Standard Chartered report, which predicted that Qatar is on track to restore government revenues to pre-2014 oil price shock levels and double its economy by 2031. According to the analysis by the British multinational bank, the economic recovery is fueled by the country’s strategic positioning within the global energy market, its ongoing efforts for economic diversification, and the goals outlined in the nation’s Third Development Strategy. Qatar’s third phase of the National Development Strategy aims to transition the country into the next stage of development, entailing economic diversification by creating an investment and business-friendly environment. The latest report by the PSA added that the Qatari economy contracted by 0.4 percent in the fourth quarter of 2023, compared to the same period of the previous year, due to a decline in mining and quarrying activities. The authority said that the country’s economy also witnessed a contraction of 0.6 percent in the fourth quarter compared to the previous three months. According to the report, Qatar’s mining and quarrying activities saw a 3.1 percent year-on-year drop in the fourth quarter, while it fell by 5.6 percent compared to the previous three months. The latest report by PSA said that the gross domestic product in the fourth quarter at constant prices stood at 176.78 billion riyals, representing a decline of 0.4 percent in contrast to the same period in 2022. When compared to the third quarter, the GDP at constant prices also witnessed a fall of 0.6 percent in the final three months of last year. An additional report released by the country’s National Planning Council in August said that Qatar’s foreign merchandise trade balance recorded a surplus of 20.1 billion riyals in July, compared to the same month in 2023. According to the study, Qatar’s total exports marked a 3.9 percent year-on-year rise in July to 30.2 billion riyals, while imports surged by 6.8 percent to 10.1 billion riyals during the same period.