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This report does not constitute a rating action. Overview Institutional and economic profile Flexibility and performance profile S&P Global Ratings expects Qatar's GDP growth will slow to 2.3% in 2023 from almost 5% in 2022, which was partly supported by World Cup-related activities. Qatar?s strong fiscal and external net asset positions will remain a core rating strength, with revenue streams additionally enhanced by the NFE starting in 2026. --We forecast growth momentum will strengthen from 2025 as capital spending remains strong and hydrocarbon production increases due to the North Field Expansion (NFE) project, with liquefied natural gas (LNG) production capacity expected to increase about 60% by 2027 from current levels. --Supported by still-favorable hydrocarbon prices and increasing production in the

...We expect Qatar to remain one of the largest exporters of LNG globally. Between 2025 and 2027, the government plans to increase Qatar's LNG production capacity 64%, to 126 million tons per year from 77 million. The strategic pivot away from Russian gas, particularly by European economies, suggests there will likely be demand for additional exports from Qatar. In our...

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