We forecast Qatar's GDP will grow by 2.1% this year, following an estimated 1.9% expansion in 2024. The January PMI reading showed the first decline in new work orders in more than a year, which pulled the index down to 50.2 from 52.9 in December. Despite the weak start, we continue to see sustained growth across non-energy sectors and project an expansion of 2.9%. We don't anticipate targeted US tariffs, but global trade uncertainty clouds the external outlook.
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