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Satyendra Pathak
Doha
Qatar’s economic outlook is stable as the country’s economy performed well in the third quarter after annual growth accelerated in the second quarter, FocusEconomics has said in its latest report.
According to FocusEconomics Consensus Forecast - Middle East & North Africa for December, the country’s merchandise trade surplus in September grew nearly 26 percent over the same month a year earlier despite the ongoing blockade.
This was largely due to increased hydrocarbon shipments and Qatar’s ability to re-route its trade, the report said.
“Moreover, on November 14, the International Monetary Fund (IMF) noted that the government’s fiscal position is improving and that the Qatar Central Bank’s forex reserves have increased,” the report said.
The following week, the report said, the cabinet approved the 2019 draft budget, which includes spending for the 2022 World Cup and is expected to result in the first fiscal surplus in five years. In the coming years, the country’s economic growth will be driven by increased oil and gas production, and infrastructure projects related to the 2022 World Cup, the report said.
FocusEconomics panelists have forecast growth of 2.8 percent for Qatar in 2019, which is unchanged from last month’s projection. The country’s economic growth will accelerate to 2.9 percent in 2021 and 3 percent for the next two years.
The country’s gross domestic product (GDP) is expected to reach $220 billion in 2022, the report said.
Inflation in the country slowed to 0.3 percent year-on-year in October, slightly less than the 0.4 percent decrease in September.
“Our panelists expect inflation to return and average 2.5 percent in 2019 and 2.2 percent in 2020,” FocusEconomics said in the report.
The report has also indicated that inflation would remain around 2 percent for the next three years.
The GDP per capita in Qatar will also increase from $61,963 in 2018 to $77,422 in 2022, the report said.
According to the annual data released as part of the report, the overnight lending rate in the country would continue to rise from the current level and reach up to 5.67 percent by 2020.
Qatari riyal will continue to be pegged at $3.64 in the years to come, the report said.
The country would witness a sustained increase in both imports and exports in coming years.
While the merchandise exports from the country are expected to rise from $83.9 billion in 2018 to $109.1 billion in 2023, the report said, merchandise imports would increase from $33.1 billion in 2018 to $57.5 billion in the same year.
FocusEconomics, a leading provider of economic analysis, has also forecast that Qatar’s trade balance would rise from $50.7 billion in 2018 to $57.5 billion in 2023.
The report has also projected that Qatar’s current account balance will accounted for 8.1 percent of the total GDP in 2018. The percentage of current account balance would rise to 8.6 percent in 2019, the report said.
Qatar’s current account balance turned positive to $6.4 billion in 2017 and is expected to rise to $13.9 billion in 2018, the report said.
Doha
Qatar’s economic outlook is stable as the country’s economy performed well in the third quarter after annual growth accelerated in the second quarter, FocusEconomics has said in its latest report.
According to FocusEconomics Consensus Forecast - Middle East & North Africa for December, the country’s merchandise trade surplus in September grew nearly 26 percent over the same month a year earlier despite the ongoing blockade.
This was largely due to increased hydrocarbon shipments and Qatar’s ability to re-route its trade, the report said.
“Moreover, on November 14, the International Monetary Fund (IMF) noted that the government’s fiscal position is improving and that the Qatar Central Bank’s forex reserves have increased,” the report said.
The following week, the report said, the cabinet approved the 2019 draft budget, which includes spending for the 2022 World Cup and is expected to result in the first fiscal surplus in five years. In the coming years, the country’s economic growth will be driven by increased oil and gas production, and infrastructure projects related to the 2022 World Cup, the report said.
FocusEconomics panelists have forecast growth of 2.8 percent for Qatar in 2019, which is unchanged from last month’s projection. The country’s economic growth will accelerate to 2.9 percent in 2021 and 3 percent for the next two years.
The country’s gross domestic product (GDP) is expected to reach $220 billion in 2022, the report said.
Inflation in the country slowed to 0.3 percent year-on-year in October, slightly less than the 0.4 percent decrease in September.
“Our panelists expect inflation to return and average 2.5 percent in 2019 and 2.2 percent in 2020,” FocusEconomics said in the report.
The report has also indicated that inflation would remain around 2 percent for the next three years.
The GDP per capita in Qatar will also increase from $61,963 in 2018 to $77,422 in 2022, the report said.
According to the annual data released as part of the report, the overnight lending rate in the country would continue to rise from the current level and reach up to 5.67 percent by 2020.
Qatari riyal will continue to be pegged at $3.64 in the years to come, the report said.
The country would witness a sustained increase in both imports and exports in coming years.
While the merchandise exports from the country are expected to rise from $83.9 billion in 2018 to $109.1 billion in 2023, the report said, merchandise imports would increase from $33.1 billion in 2018 to $57.5 billion in the same year.
FocusEconomics, a leading provider of economic analysis, has also forecast that Qatar’s trade balance would rise from $50.7 billion in 2018 to $57.5 billion in 2023.
The report has also projected that Qatar’s current account balance will accounted for 8.1 percent of the total GDP in 2018. The percentage of current account balance would rise to 8.6 percent in 2019, the report said.
Qatar’s current account balance turned positive to $6.4 billion in 2017 and is expected to rise to $13.9 billion in 2018, the report said.
