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Qatar Central Bank Expects GDP Growth of 3.5% in 2022

Qatar Central Bank Expects GDP Growth of 3.5% in 2022

Monday, 30 May, 2022 - 08:30
Qatar Central Bank Governor Sheikh Bandar bin Mohammed bin Saoud Al Thani at the Euromoney Conference (Asharq Al-Awsat)

Qatar’s gross domestic product (GDP) should grow 3.5% in 2022, Central Bank Governor Sheikh Bandar bin Mohammed bin Saoud Al-Thani told a conference on Sunday in Doha.

In his opening keynote at The Euromoney Qatar Conference on Sunday, Sheikh Bandar announced that the bank is working on designing a new strategy for financial technology and intends to launch it during the last quarter of 2022.

Qatar’s foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus of QR34.2bn in April 2022, registering an increase of about QR21.4bn or 167.3% compared to the corresponding period last year (April 2021).

When compared month-on-month (M-o-M), the surplus increased by nearly QR7.5bn or 28.1% compared to March 2022, according to preliminary figures released by the Planning and Statistics Authority (PSA).

In April 2022, the total exports of goods including exports of goods of domestic origin and re-exports amounted to around QR43.5bn, showing an increase of 107.4% compared to April 2021, and an increase of 18.4% compared to March 2022.

Sheikh Bandar said the existence of a flexible economy provides a strong basis that helps to plan for the future, as this flexibility is evident through the data related to the government budget and the current account, the official reserves of the state, and the strength of the financial sector, in addition to economic diversification.

“The prospects are still bright, as economic activity is recovering, driven by several factors, including the recovery in domestic demand, the growth of private sector credit, and preparations to host the FIFA World Cup Qatar 2022,” he said.

With the rise in global oil and gas prices, international institutions expect higher GDP growth in Qatar in the range of 3.5% in 2022.

On the other hand, inflation levels appear relatively moderate compared to the global rates. The current geopolitical tensions in Europe have not affected significantly on the levels of inflation, as it remained moderate.

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