According to the Qatar Central Bank (QCB), the credit extension to services, contracting and industrials grew faster than the overall domestic loan growth year-on-year during November.
The total domestic credit grew 8.83 percent year-on-year to $310 billion at the end of November 2021. The commercial banks’ credit to the services sector witnessed an 18.83 percent yearly expansion to $102.7 billion, which constituted 33 percent of the total domestic loans during the period.
The credit to the general services witnessed a 15.26 percent year-on-year jump to $92 billion, which was 90 percent of the total credit to the services sector. Within the general services, credit to air transport was $27.7 billion, real estate $25 billion, hotels $9.58 billion, engineering $7 billion, land transport $6 billion, petroleum $2.61 billion, tourism $2.11 billion, health and pharmaceutical $2 billion and entertainment $1.3 billion at the end of November 2021.
In the case of financial services, it registered a 2.53 percent year-on-year surge to $10.36 billion at the end of November 2021 with a large chunk directed towards investment companies, investment funds and insurance.
The contracting sector witnessed a 13.15 percent year-on-year jump in credit to $11.6 billion or about 4 percent of the total domestic loans in the review period. A total of $7.16 billion went for the buildings, $2.6 billion for the non-specified segment, $650 million for roads, and $570 million for maintenance and $530 million for electrical.
The credit to the industrials sector witnessed a yearly 11.67 percent year-on-year growth to $7.5 billion, which was 2 percent of the total domestic credit in the period in review.
Within the sector, credit to the heavy industry amounted to $3.3 billion, natural gas $1.9 billion, industrial manufacturing $1.59 billion and oil $670 million at the end of November 2021.
In last year November, the banks’ credit to the trading sector witnessed an 11 percent year-on-year expansion to $48 billion or 15 percent of the total domestic loans. Within the trading industry, as much as $18 billion went to the commercial agencies, $6.54 billion to non-specified, $3.5 billion to chemicals and allied products, $3.5 billion to food, $3.3 billion to machinery and equipment, $2.9 billion to automobiles and spare parts and $2.7 billion to petroleum products.
The credit to the real estate was up 6.33 percent year-on-year to $59 billion, which was 19 percent of the total domestic credit in November 2021.
The consumption credit increased 7.85 percent year-on-year to $43.6 billion, constituting 14 percent of the total domestic credit in November. The consumption credit to nationals amounted to $40 billion, of which as much as $22.7 billion was personal loans, $17 billion unspecified and auto loans to the tune of 280 million.
The consumption credit to non-Qataris stood at $3.3 billion in the review period with personal loans constituting $2.4 billion, unspecified $790 million and auto loans of $55 million.