ABU DHABI: The Gulf state of Qatar’s real gross domestic product (GDP) increased 1.2% year on year in the third quarter of 2023, government estimates showed on Thursday.

Estimated quarterly GDP at constant prices, adjusted for inflation, stood at 177.3 billion riyals ($48.6 billion) in the quarter, compared with an estimate for the same quarter of 2022 of 175.2 billion riyals, according to the Planning and Statistics Authority.

GDP rose 4% from the second quarter of last year.

Qatar, among the world’s top exporters of liquefied natural gas (LNG), posted a budget surplus of 1.4 billion riyals in the final quarter of 2023, which was used to reduce public debt.

It remains heavily reliant on gas revenue for government income despite efforts to diversify economic sectors and revenue streams.

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An April Reuters poll of economists forecast GDP growth of 2.2% in 2024, followed by 2.9% in 2025 and 5% in 2026.

The International Monetary Fund forecast growth in the Gulf region would average 2.4% in 2024, slightly lower than the Reuters poll prediction of 2.5%.