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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 economic activity in Qatar to slow to 2% in 2023 after close to 5% growth in 2022, which was supported by the soccer World Cup. The government's sizable fiscal and external net asset positions will remain core rating strengths, further boosted by the NFE project which is expected to increase Qatar?s LNG production capacity by over 60% by 2027. --The country's growth momentum should strengthen again through 2026, bolstered by high investments and hydrocarbon production increases in line with the North Field Expansion (NFE). NFE is a major liquified natural gas (LNG) project set to expand Qatar?s LNG export

...Qatar derives about 40% of its GDP, 80% of government revenue, and 90% of exports from the hydrocarbon sector. This makes the country's credit profile vulnerable to volatility in oil prices, to which most of its long-term gas contracts are linked. Our forecasts are based on the expectation that the Brent oil price will average about $82 per barrel (/bbl) in 2023 and $85 bbl...

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