QCB’s forex reserves rise to $45.4bn - The Peninsula Qatar

QCB’s forex reserves rise to $45.4bn - The Peninsula Qatar:

Qatar’s fiscal account turned to a surplus in first quarter of 2018 (Q1,18) as revenue rose in line with higher oil prices. The current account surplus widened to 7.3 percent of GDP in Q1, while the financial account deficit narrowed.

Exports grew 45.3 percent year-on-year in July as a result of higher oil prices, while imports grew 50 percent y/y due to the base effect from last year. QCB foreign exchange reserves rose 0.3 percent m/m to reach $45.4bn in July, equating to 7 months of import cover, according to QNB’s Monthly Monitor chart.

The country’s real GDP growth slowed in Q1 due to a further fall in hydrocarbon output. Non-hydrocarbon GDP growth was a solid 4.9 percent y/y. Booming construction output, up 17.2 percent, remained the key driver of activity in the non-hydrocarbon sector. Manufacturing gained 3 percent. CPI inflation was broadly flat at 0.6 percent in August; food inflation moderated, while housing inflation slightly picked up.