According to the Qatar Central Bank (QCB), credit provision to services, contracts and industry has expanded faster than overall domestic loan growth in November.
The total domestic credit value at the end of November 2021 was 1.14 trillion QR, an increase of 8.83% from the previous year.
Commercial banks’ credit to the services sector grew 18.83% annually to 374,050 million QR, which accounted for 33% of total domestic lending in November 2021.
Credits to general services witnessed a 15.26% year-on-year increase to QR336.33bn, which is 90% of total credit to the services sector.
Among the general services, credits for air transportation are QR101.09bn, real estate QR91.15bn, hotel QR34.89bn, engineering QR25.84bn, land transportation QR22.69bn, oil QR9.52bn, tourism QR77bn, health and pharmaceutical QR7. was. .58bn and entertainment QR 4.73bn as of the end of November 2021.
In the case of financial services, at the end of November 2021, a 2.53% year-on-year increase of 3.772 billion QR was recorded, and a large chunk was directed to investment companies (2.942 billion QR), investment funds (6.46bn QR), and insurance. (QR1.42bn).
During the review period, the contract division achieved a credit increase of 13.15% year-on-year to 42.42 billion QR, accounting for about 4% of total domestic lending. A total of QR26.08bn was used for buildings, QR9.58bn for unspecified segments, QR2.35bn for roads, QR2.07bn for maintenance, and QR1.94bn for electricity.
Credit to the industrial sector increased 11.67% year-on-year to 27.36 billion QR, which was 2% of total domestic credit during the review period.
Within the sector, as of the end of November 2021, the amount of loans to heavy industry was 12.13 billion QR, natural gas was 7.01 billion QR, industrial manufacturing was 5.78 billion QR, and oil was 2.45 billion QR.
Strong credit recovery, especially in heavy industry, shows the resilience of the non-oil private sector. It also suggests the outcome of a country’s diversification strategy.
Bank credit to the trade sector reached 177 billion QR in November 2021, up 11% year-on-year, or 15% of total domestic lending.
In the trade sector, QR66.24bn became a commercial agent, QR23.82bn became unspecified, QR12.92bn became a chemical product and related products, QR129bn became a food product, QR122bn became a mechanical equipment, and QR10. 7 billion for automobiles and spare parts, QR10.13bn for petroleum products.
Real estate lending increased 6.33% year-on-year to 21.774 billion QR, 19% of the total domestic lending in November 2021. The loan amount to the developer was 8.508 billion QR, and the loan amount to the commercial housing was 69.16bn. QR25.35bn for private housing.
Consumer credit increased 7.85% year-on-year to 158.78 billion QR, accounting for 14% of total domestic credit in November 2021.
Consumer credit to the public reached 146.7 billion QR, of which 8.271 billion QR was for personal loans, 6.296 billion QR was unspecified, and automobile loans were 1.03 billion QR.
Consumer credit to non-Qatar people was QR12.07bn during the review period, personal loans were QR8.99bn, unspecified QR28.8bn, and mortgages were QR2bn.
Government lending recorded a 4% annual increase to 14.314 billion QR, 13% of total domestic lending last November.
http://www.gulf-times.com/story/707671/Total-domestic-credit-grows-8-83-year-on-year-in-N Total domestic credit in November increased 8.83% year-on-year: QCB