QCB Governor H E Sheikh Abdullah bin Saud Al Thani addressing the audience.
DOHA: Qatar Central Bank (QCB) Governor H E Sheikh Abdullah bin Saud Al Thani has forecast that Qatar’s gross domestic product (GDP) will reach 5.5 percent in 2013.
Addressing the opening session of Qatar Projects 2013 conference here yesterday, the Central Bank Governor noted preliminary estimates show that Qatar’s GDP at the current prices grew in 2012 by 11 percent to about QR 700bn, a strong indication that the local economy has entered a point of sustainable growth to achieve the aspirations of Qatar National Vision 2030.
The year 2012 saw a 18 percent growth in Qatar’s commercial banks. The total assets of the banks rose to around QR817bn. The customer deposits grew by 26 percent to about QR458bn and credit facilities during the same period rose by more than 27 percent to about QR 477bn.
The Qatar National Vision 2030 is looking forward to achieving a risk-free financial system that demands 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 revitalising the capital market in Qatar, including the establishment of the Qatar Credit Information Bureau and the financial stability department at Qatar Central Bank, he said.
The Peninsula
