Qatar bank assets rise 8.8% to $383.2bn in March: QNB
May 16 2018 09:07 PM
Bank deposit growth in Qatar jumped 9.1% in March compared to 6% in February, according to QNB Qatar
Bank deposit growth in Qatar jumped 9.1% in March compared to 6% in February, according to QNB Qatar Monthly Monitor. PICTURE: Nasar T K

Banking assets in the country have grown 8.8% year-on-year (y-o-y) to $383.2bn in March, QNB has said in its Qatar Monthly Monitor.

Bank deposit growth was 9.1% y-o-y in March compared to 6% in February. Deposits from the non-resident and private sector remained stable in March.

Credit growth was 9.6% in March, driven by lending to the public sector, which grew 15% y-o-y, QNB said.

In relation to Qatar economy, the report said the country’s current account surplus widened to 6.4% of GDP in the fourth quarter (Q4) in line with higher oil prices while the financial account deficit narrowed.

However, fiscal account remained in deficit in Q3 but should recover subsequently as revenue rises in line with higher oil prices, QNB said.

Broad money supply (M2) grew by 16.1% in March compared to 15.7% in February. Interbank rates continue to rise in line with increases in US short-term rates.

Exports grew 22% y-o-y in March as a result of higher oil prices while imports grew marginally at 1.3%.

The real estate price index continued its recovery, rising 1% month-on-month (m-o-m) in March.

Inflation slowed to 0.1% in April, while food inflation eased and housing inflation picked up, QNB said.

Qatar’s oil production fell to 539,000 bpd in February from 621,000 bpd a month earlier. At the same time, Brent crude prices have risen and averaged $72 for a barrel in April.

The country’s real GDP growth slowed marginally in Q4 mainly due to temporary shutdowns for LNG maintenance, the QNB monthly monitor said.

The non-hydrocarbon real GDP growth was 4.2% for the full year 2017.

The 5-star and 4-star hotel occupancy rates in the country rose to 60% and 62% in March from 58% and 60% in February respectively.

Qatar’s population grew 1.2%, reaching 2.71mn in April; women made up close to 25% of the population, QNB said.

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