Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Qatar to maintain buoyant growth rates on infrastructure drive, QNV 2030 goals: S&P  Join our daily free Newsletter

MENAFN - Gulf Times - 12/01/2017
No. of Ratings : 0
Add to Mixx!

(MENAFN - Gulf Times) Qatar will maintain its buoyant growth rates supported by ongoing construction of significant infrastructure projects in preparation for the FIFA World Cup 2022, and in order to meet the country's National Vision 2030, an S & P report has said.
'We expect the national development strategy projects to improve the economy's productive capacity, S & P said in its report ‘Middle East and North Africa Sovereign Rating Trends 2017'.
Generally on the Gulf Cooperation Council countries, S & P said, GDP growth would 'remain weak this year, reflecting the impact of low oil prices and the resulting fiscal consolidation and reduced banking sector liquidity.
S & P said it expects average GCC GDP growth to slow to about 2% in 2016, compared with closer to 4% in 2015 and to remain around these relatively weak growth rates in 2017.
Governments across the region implemented expenditure cuts and subsidy reforms, which have weakened both corporate and household activity, while reduced hydrocarbon-driven deposits in regional banking systems and government domestic borrowing have increased interbank rates and squeezed banking sector liquidity, it said.
Economic activity in the oil and gas sector was weak across most of the GCC. In the absence of a sharp increase in oil prices, S & P expects further weakness in the hydrocarbons sector over 2017.
This follows the agreement by members of the Organisation of Petroleum Exporting Countries (Opec) to cut production by 1.2mn bpd in concert with a reduction of 558,000 bpd by non-Opec members.
Notwithstanding this broad expectation for 2017, S & P notes that recently released third quarter 2016 GDP data for Qatar and Saudi Arabia shows accelerating hydrocarbon sector growth, related to slightly higher oil prices and increased production prior to the upcoming production cuts.
Non-hydrocarbon growth has also slowed in most GCC countries and S &P expects further fiscal consolidation measures by individual governments to curtail household and corporate spending in 2017.

Non-hydrocarbon output slowed sharply in Abu Dhabi in 2016 compared with the previous year due to weak non-financial corporation and declining public sector activity.
S & P expects overall economic growth of 2% in 2017, as in the previous year.
In Bahrain, the non-hydrocarbon sector is holding up relatively well due to the dynamic education and health sectors, and is also supported by the implementation of major infrastructure projects.
The same is broadly true for Qatar where non-hydrocarbon sector activity has slowed to closer to 5% in 2016 from above 8% in 2015.
S & P also expects economic activity in Saudi Arabia to accelerate to 2% this year, compared with 1.2% in 2016. During 2016 economic growth slowed to 1.3% on average over the first three quarters.
The 'weakness in the non-hydrocarbon sector was apparent particularly in government services and the construction sector.
However, S & P says that the government has started paying off its arrears to the construction industry and this could 'provide a boost to contractors and related project activity in 2017.
The 'delayed payments highlight the dilemma for GCC governments, which are trying to consolidate their large central government fiscal deficits, while at the same time attempting to support economic growth.
'The long-term sustainability of GCC economic growth and the ability of these economies to absorb future increases in their working populations and diversify government revenues away from the hydrocarbons sector will rely on the prospects for growth in the non-hydrocarbon sector.
In S & P view, 'significant challenges remain in this regard and meaningful diversification will not happen in the short term.

Last updated: January 11 2017 10:01 PM


Gulf Times

  MENA News Headlines
 Mar 28 2017 - ROME/CAIRO: Food Security in the Middle East Sharply DeterioratedMENAFN Press
(MENAFN Editorial) iCrowdNewswire - Mar 28, 2017 Food Security in the Middle East Sharply DeterioratedBy IPS World Desk An Egyptian farmer feeding cows fresh fodder. Credit: FAO ...

 Mar 28 2017 - Street & Passing Time Double Bill! An existential play set in a street that could be anyone's the characters are all lost and find they have little to live for.MENAFN Press
(MENAFN Editorial) iCrowdNewswire - Mar 28, 2017 Street & Passing Time Double Bill! From the company that brought you "Dog Sees God", "Not A Word", "A Broken Law " and "MONROE" comes our first ...

 Mar 29 2017 - UAE ranks ninth in global creative goods trade exports touch $16.1bKhaleej Times
(MENAFN - Khaleej Times) Total value of nation's foreign trade of creative industries at $30.7b The UAE ranks ninth in the global list of countries in terms of exports and re-exports of creative ...

 Mar 29 2017 - Free on-arrival visas to Chinese, Russians fuel spurt in Dubai tourist trafficKhaleej Times
(MENAFN - Khaleej Times) China, Russia move up rankings as key source markets for inbound tourism to Dubai. Dubai recorded a significant jump in tourist traffic in the first two months of 2017 on the ...

 Mar 29 2017 - Kuwait- Call to MPs conscienceArab Times
(MENAFN - Arab Times) Ahmad Al-Sarraf On its electronic web page, the Al-Qabas newspaper conducted a poll and asked the opinion of readers on the draft bill to reduce the retirement age of ...

 Mar 29 2017 - Salman and Abdullah II: Summit of promising potentialsArab Times
(MENAFN - Arab Times) Ahmed Al-Jarallah – Editor-in-Chief, the Arab Times EVERYONE knows the importance of the strategic location of the Kingdom of Jordan and its pivotal role in issues ...

 Mar 29 2017 - Kuwait- Original Passport required to do money transfer if you are on Visa 14 (Temporary residence)Arab Times
(MENAFN - Arab Times) Dear Sir, This is to acquire information on the residence status in Kuwait in the following circumstances. Due to some reasons the immigration department issues 3 or more ...

 Mar 29 2017 - Kuwait- Procedure to transfer from Article 22 (Dependent Visa ) to Article 18 (Work Visa)Arab Times
(MENAFN - Arab Times) What is the procedure to transfer from Article 22 visa to Article 18? When my wife came to Kuwait, she had work visa (18). After 4 years we changed this to dependent ...

 Mar 29 2017 - All eyes on IPIC Arena in Abu Dhabi for Jiu-Jitsu ChampionshipArab Times
(MENAFN - Arab Times) The world champions of the Abu Dhabi World Jiu-Jitsu Championship 2016 All eyes will be on the IPIC Arena in Abu Dhabi this April when record numbers of international ...

 Mar 29 2017 - Kuwait- Scorpions clinch 2016 KDD-KBL Championship crownArab Times
(MENAFN - Arab Times) The Scorpions — Winner KDD-KBL 2016 KUWAIT CITY, March 27: The Scorpions won the 2016 KDD - Kuwait Badminton League Championship winning both the September 2016/ February ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help