This report does not constitute a rating action. Overview Institutional and economic profile Flexibility and performance profile S&P Global Ratings expects GDP growth will accelerate toward 5% on average in 2026-2028 following modest 2% growth in 2025. Rising LNG production will support strong fiscal and external balances over 2025-2028. -- Qatar's liquefied natural gas (LNG) production is set to rise further once the North Field Expansion (NFE) project comes online, which we expect by 2026-2027. This production hike should strengthen growth momentum from 2026. -- We forecast that Qatar's current account and fiscal surplus will average 13% and 4% of GDP, respectively, over 2025-2028, reinforcing its net external and fiscal asset positions. -- Amid less favorable market conditions driven by
