Qatar’s real GDP growth has accelerated in Q3 on the back of a stabilisation in hydrocarbon output. Construction and finance & real estate led the way for a 4.3 percent year-on-year growth in non-hydrocarbon GDP over Q3 2018.
QCB foreign exchange reserves grew 2.2 percent m/m to reach $48.4bn in November, equating to 8.7 months of import cover. The fiscal account surplus widened to 3.5 percent of GDP in Q2 due to higher oil prices. The trade balance was up 6.6 percent y/y in December. The current account surplus has also widened further in Q3, QNB’s monthly monitor noted yesterday.
Bank asset growth was 4.0 percent y/y in December. Credit growth was 3.2 percent as Bank deposit growth was -1.5 percent. Private sector, public sector and non-resident deposits grew respectively 0.5 percent, 3.5 percent and 2.9 percent m/m in December.
Broad money supply (M2) declined 4.6 percent in November. Interbank rates ticked up following global monetary tightening. Qatar Sovereign 5-year CDS Spreads remained stable at around 75 bps. QIBOR and LIBOR 3-month interest rates stabilized after converging.
According to QNB, the real estate price index is signaling prices are stabilising. 5-star and 4-star hotel occupancy rates remained stable in November at 56 percent and 61 percent respectively.
Qatar’s oil production marginally ticked down in November to 599000b/d. Brent crude prices dropped to average $ 57.7/b in December
Industrial production rose 2.2 percent y/y as the mining sector picked up by 2.7 percent y/y in November.
