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Satyendra Pathak
Doha
Qatar’s economic growth will accelerate in 2019, buttressed by slightly higher hydrocarbon production and infrastructure projects related to the 2022 World Cup, FocusEconomics has said in its June report.
According to the report, Qatar’s growth should have picked up in the first quarter of 2019 after a weak fourth quarter in the last financial year.
In the first quarter of 2019, the report said, the Purchasing Managers’ Index (PMI) for Qatar’s non-energy sector improved somewhat from the fourth quarter of 2018 as private sector credit growth was elevated and hotel occupancy rates improved.
The month-on-month building permits growth was solid in April, suggesting improving construction activity.
Consumer prices fell 0.4 percent year-on-year in April as lower prices for food, communication, and recreation and culture muted price pressures.
Going forward, the report said, price pressures will likely pick up on stronger economic activity, while a subdued housing market will likely tame overall price gains.
The possible introduction of VAT presents an upside risk to the inflation outlook.
“Our panelists expect inflation to average 0.9 percent in 2019, which is down 0.1 percentage points from last month’s forecast, and 2.2 percent in 2020,” the report said.
FocusEconomics panelists forecast growth of 2.6 percent in 2019 and 2.8 percent in 2020 for Qatar.
While Qatar’s economic growth will increase to 2.9 percent in 2021, the report said, it will further accelerate and reach up to 3 percent in 2022 and 2023.
The GDP per capita in Qatar will also increase from $70,597 in 2018 to $72,182 in 2019 and reach up to $87,087 in 2023, 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 5 percent and reach up to 5.48 percent by 2023. Qatari riyal will continue to be pegged at $3.64 in the years to come, the report said.
According to the report, the country would witness a sustained increase in both imports and exports.
While the merchandise exports from the country are expected to rise from almost $84 billion in 2019 to $106.6 billion in 2023, the report said, merchandise imports would increase from $49.6 billion in 2019 to $50.6 billion in 2020 and rise up to $61.5 billion in 2022.
FocusEconomics, a leading provider of economic analysis, has also forecast that Qatar’s trade balance would rise from $49.6 billion in 2019 to $61.5 billion in 2023.
The report has also projected that Qatar’s current account balance would account for 7.3 percent of the total GDP in 2023.
Qatar’s current account balance turned positive to $6.4 billion in 2017 and is expected to rise up to $14.4 billion in 2019, the report said.
Doha
Qatar’s economic growth will accelerate in 2019, buttressed by slightly higher hydrocarbon production and infrastructure projects related to the 2022 World Cup, FocusEconomics has said in its June report.
According to the report, Qatar’s growth should have picked up in the first quarter of 2019 after a weak fourth quarter in the last financial year.
In the first quarter of 2019, the report said, the Purchasing Managers’ Index (PMI) for Qatar’s non-energy sector improved somewhat from the fourth quarter of 2018 as private sector credit growth was elevated and hotel occupancy rates improved.
The month-on-month building permits growth was solid in April, suggesting improving construction activity.
Consumer prices fell 0.4 percent year-on-year in April as lower prices for food, communication, and recreation and culture muted price pressures.
Going forward, the report said, price pressures will likely pick up on stronger economic activity, while a subdued housing market will likely tame overall price gains.
The possible introduction of VAT presents an upside risk to the inflation outlook.
“Our panelists expect inflation to average 0.9 percent in 2019, which is down 0.1 percentage points from last month’s forecast, and 2.2 percent in 2020,” the report said.
FocusEconomics panelists forecast growth of 2.6 percent in 2019 and 2.8 percent in 2020 for Qatar.
While Qatar’s economic growth will increase to 2.9 percent in 2021, the report said, it will further accelerate and reach up to 3 percent in 2022 and 2023.
The GDP per capita in Qatar will also increase from $70,597 in 2018 to $72,182 in 2019 and reach up to $87,087 in 2023, 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 5 percent and reach up to 5.48 percent by 2023. Qatari riyal will continue to be pegged at $3.64 in the years to come, the report said.
According to the report, the country would witness a sustained increase in both imports and exports.
While the merchandise exports from the country are expected to rise from almost $84 billion in 2019 to $106.6 billion in 2023, the report said, merchandise imports would increase from $49.6 billion in 2019 to $50.6 billion in 2020 and rise up to $61.5 billion in 2022.
FocusEconomics, a leading provider of economic analysis, has also forecast that Qatar’s trade balance would rise from $49.6 billion in 2019 to $61.5 billion in 2023.
The report has also projected that Qatar’s current account balance would account for 7.3 percent of the total GDP in 2023.
Qatar’s current account balance turned positive to $6.4 billion in 2017 and is expected to rise up to $14.4 billion in 2019, the report said.
