The year 2020 began on a sound note especially for trade and services as credit to those sectors considerably outpaced the overall domestic loan growth in Doha's commercial banks in January, according to the Qatar Central Bank data.
The credit extended by commercial banks to the general trade witnessed a stupendous 62.12% year-on-year growth to QR146.95bn, which was 15% of the total domestic loans, which otherwise saw a 13.72% growth to QR986.14bn.
Of the QR146.95bn credit to trading, as much as QR55.53bn was extended to the commercial agencies, QR39.66bn to non-specified segments, QR9.16bn to automobiles and spare parts, QR5.98bn to food segment, QR5.69bn to machinery and equipment, QR4.9bn to chemicals and allied products, QR4.2bn to building materials and gypsum and QR4.18bn to petroleum products.
The services sector saw a 47.14% yearly growth in credit to QR291.54bn, which was 30% of the total domestic loans in January 2020.
The credit to the general services witnessed a 32.26% yearly increase to QR262.07bn, which was almost 90% of the total credit to the services sector.
Within the general services, credit to air transport was QR78.45bn, real estate QR58.05bn, others QR27.75bn and hotels QR18.83bn at the end of January 2020.
In the case of financial services, it registered an impressive 57.79% growth to QR29.46bn at the end of January this year.
The consumption credit grew 8.32% year-on-year to QR137.19bn, which constituted about 14% of the total domestic credit in January this year. The consumption credit to nationals reported 10.07% yearly increase to QR122.38bn; while those to non-Qataris fell 4.2% to QR14.81bn in the review period.
The credit to the industrials sector witnessed a yearly 7.91% expansion to QR17.59bn, which was 2% of the total domestic credit in the period in review. Within the sector, credit to the heavy industry stood at QR10.06bn, followed by natural gas at QR7.92bn, industrial manufacturing at QR5.24bn and oil at QR2.67bn.
The credit to the public sector reported 1.78% year-on-year jump to QR331.39bn, which was about 34% of the total domestic loans in January 2020.
Within the public sector, loans to the government institutions saw a 17.06% growth to QR173.9bn; while those to semi-sovereign institutions shrank 22.04% to QR14.54bn and those to government by 9.74% to QR142.95bn this January.
However, the commercial banks' credit to the real estate sector plummeted 5.27% year-on-year to QR14.4bn, which was 15% of the total domestic loans in January this year.
The contracting sector saw a 1.89% fall in credit to QR35.14bn or 4% of the total domestic loans in the review period.