Qatar Central Bank expects real growth by 5.5%

Qatar Central Bank (QCB) Governor HE Sheikh Abdullah bin Saud Al Thani has expected the real growth rate in the State of Qatar during the year 2013 to reach 5.5 percent. Addressing the opening session of the conference ‘Qatar Projects2013′, QCB Governor said preliminary estimates show that the State of Qatar’s Gross Domestic Product (GDP) at the current prices grew in 2012 by 11 percent to about QAR 700 billion, and thus the Qatari economy surpassed the stage of the powerful growth in the past years to enter the stage of sustainable and moderate growth to achieve the aspirations of Qatar National Vision 2030. He explained that the performance of the banking system in the country clearly reflected these facts, with a total increase in commercial banks assets in 2012 rising by 18 percent to around QAR 817 billion, customer deposits by 26 percent to about QAR 458 billion and credit facilities during the same period by more than 27 percent to about QAR 477 billion. HE Sheikh Abdullah bin Saud stated that the Qatar National Vision 2030 is looking forward to achieving a risk free functioning financial system, that required the introduction of a number of important developments on the banking filed aimed at realigning the regulatory bodies on banks, insurance and investment companies and the stock market as well as revitalizing the capital market in Qatar, including the establishment of the Qatar Credit Information Bureau and the financial stability department at Qatar Central Bank.