Qatar’s revenues drop 42% over war, says ruler
Sheikh Tamim bin Hamad Al Thani said Qatar’s exports were severely disrupted by the Strait of Hormuz closure and damage to its energy facilities.
Qatar's revenues experienced a sharp 42% decline during the first half of 2026, according to statements from the country's ruler, Sheikh Tamim bin Hamad Al Thani. The economic downturn was primarily attributed to the ongoing conflict in the Middle East, which severely impacted Qatar's gas infrastructure and exports.
The emir highlighted that the closure of the Strait of Hormuz, along with damage inflicted on energy facilities in Ras Laffan Industrial City, played a significant role in disrupting a substantial portion of Qatar's exports. Additionally, Iranian strikes inflicted considerable damage on the Ras Laffan site, further exacerbating the nation's export challenges.
Despite these setbacks, the emir noted that major expansions are underway, including the North Field Gas project, which aims to boost Qatar's production capacity to 142 million tonnes per year by 2030. The expansion, which extends under the Gulf towards Iranian territory, is progressing as planned. Furthermore, the Golden Pass LNG project, a partnership between Qatar and ExxonMobil, has also made substantial progress.
The International Monetary Fund (IMF) recently projected a 15.6% contraction in Qatar's GDP for the year, reflecting the country's position as one of the Gulf nations most severely affected by the conflict.
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