1998 Qatar’s gross domestic product, which measures the value of all goods and services produced, was $9.2 billion, or $12,830 per capita. Petroleum is the dominant source of income and, along with natural gas, accounted for 75 % of exports in 1994. Oil production in 1999 totaled 284 million barrels; the output of natural gas was 24 billion cu m (850 billion cu ft). Manufactures include cement, fertilizer, and petroleum products. Although some fruits and vegetables are grown, herding is the principal agricultural occupation. In 2000 the nation had 179,000 goats, 207,000 sheep, 50,000 camels, and 14,200 cattle. The fish catch totaled 5,034 metric tons in 1997. The unit of currency is the Qatar riyal.

Qatar's oil production represents less than 1 % of the world's total output. Proven reserves are limited, and, with the prospect of a decline in oil production as reserves are depleted, natural gas is expected to offer the long-term basis for the Qatari economy. Natural-gas production in the nation's oil fields is subject to depletion along with the crude oil, and Qatar therefore began to tap the large reserves of unassociated natural gas in the nation's huge offshore North Field (also known as the Northwest Dome) in 1991. The value of Qatar's exports is around double that of its imports annually. Exports consist chiefly of crude petroleum and liquefied natural gas.

Oil accounts for more than 30% of GDP, roughly 80% of export earnings, and 66% of government revenues. Proved oil reserves of 3.7 billion barrels should ensure continued output at current levels for 23 years. Oil has given Qatar a per capita GDP comparable to that of the leading West European industrial countries. Qatar's proved reserves of natural gas exceed 7 trillion cubic meters, more than 5% of the world total, third largest in the world. Production and export of natural gas are becoming increasingly valuable. Long-term goals feature the development of offshore petroleum and the diversification of the economy. In 2000, Qatar posted its highest ever trade surplus of $6 billion, due mainly to high oil prices and increased natural gas exports.