Kew View

• Google has opened its cloud region in Doha, Qatar, with claims to create USD19bn in gross domestic product by 2030 and 25,000 jobs.
• The investment forms part of government plans to diversify the economy with focus on technological development and cyber resilience.
• Qatar’s hydrocarbon provision reduces costs to end users, making it

Key View: While Qatar's passenger electric vehicle (EV) market remains nascent, we expect strong growth in EV adoption over our 2023-2032 forecast period as the government announces electrification targets. In April 2023, Qatar's Ministry of Transport announced a target to switch 35% of the total vehicles of its fleet and 100% of its public

Key View

• We expect that the Qatar Central Bank will follow the US Fed by raising its key policy rate (the benchmark lending rate) by 25bps in June. The rate will then be kept on hold for the rest of the year, before being cut in 2024.
• However, we believe that policymakers will likely leave the repo rate unchanged in order to gradually reduce

Key View

• We have slightly lowered our projections for Qatar’s real GDP growth in 2023 from 2.6% to 2.3%. This follows the release of recent quarterly data, which shows that the economy grew by 8.0% y-o-y in Q422.
• Our revision is mostly driven by lower global energy price expectations, including gas prices in key LNG export markets, which will

Key View

• Qatar’s medical device market will record single-digit growth between 2023 and 2027, which should see it rise to QAR1.7bn (USD461.2mn) by 2027.
• Following a surge of tourists in December 2022, due to the FIFA World Cup, which drove demand for medical devices, we expect a lull in demand in 2023.
• Diagnostic imaging and dental products

Key View

• At Fitch Solutions we believe that Qatar’s current account surplus will narrow from an estimated 23.9% of GDP in 2022 to 21.5% in 2023.
• The narrowing of the surplus will mostly be the result of a smaller goods trade surplus, in turn caused by lower global energy prices.
• Risks to our outlook are to the upside as potential strong

Key View

• At Fitch Solutions we believe that the Qatar Central Bank will raise its policy rate by 25 basis points in 2023, in line with the US Federal Reserve.
• Alongside lower global commodity prices, the higher interest rates will help bring down headline inflation from 5.0% in 2022 to 2.9% in 2023.
• Risks to our outlook, relating to Qatar’s

Key View: We forecast steady growth in household spending in Qatar in 2023 at 2.4% y-o-y, a slowdown from the 5.1% growth estimated in 2022. Uptick is being driven by high oil and energy prices, the investments and economic uptick linked to the 2022 FIFA World Cup, strong tourism recovery and investments into the non-oil sectors. Inflationary

Key View

• Qatar’s condensate production capacity is set to rise substantially to above 1.0mn b/d in 2027 from current level of 700,000b/d as it expands liquefied natural gas production capacity.
• Qatar’s condensate exports are set to grow substantially over the next five years far exceeding Asian condensate splitters’ ability to absorb

Key View

• At Fitch Solutions, we believe that the FIFA World Cup will benefit Qatar’s foreign policy in three ways.
• The tournament will help strengthen Doha’s cultural and leisure appeal, with positive spillovers on its tourism industry, and will improve Qatar’s standing as an international investment destination.
• The World Cup will also