What sectors did well in Qatar in 2020, and what sectors were hit by Covid?
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Of the 17 sectors of the Qatari economy, growth was recorded in eight, and shrinking output was recorded in nine. The best performing sector was financial and insurance services, which grew 6.3% in 2020, followed by utilities, which grew 5.2%.
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The worst performing sectors, as one might expect, included those that rely most on face-to-face interaction, such as hospitality, food and beverages (output fell 18%) and wholesale and retail trade (which recorded a 8.6% decline).
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Where was more money spent in Qatar in 2020, and where was less?
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Overall the Qatari economy shrank by 3.7% in 2020 compared to 2019, as a result of Covid-19. As the chart shows, in nominal, non-inflation adjusted terms, only government current consumption spending increased year-over-year, while spending on all other areas of GDP fell, including investment (down 17%), private consumption spending (down 11%) and exports (down 23%).
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We can expect a significant turnaround in 2021, especially with regards the US$ value of exports: as the oil price is likely to average between $60 and $70 a barrel over the year.
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What are UAE renters' expectations in the UAE in the next 12 months?
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For the first time in our survey, UAE renters are evenly split between those who expect their rent to decline in the next 12 months, and those who expect stability or an increase. Six months ago, 64% of respondents reported an expectation of rent declines in the coming 12 months; one year ago, 84% were expecting their rent to decline.
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We have seen a rise in the number of renters contemplating buying a home. Of our respondents, 55% reported that they were equally, or more, likely to buy a home in the next 12 months. This compares to 39% six months ago, and 37% one year ago.
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What are UAE homeowners' price expectations for the next 12 months?
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According to our home sentiment survey, UAE homeowners are getting more bullish. Only 9% of respondents expect prices to decline in the coming 12 months, with 23% expecting stability and 69% expecting price rises.
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Perhaps coinciding with improved sentiment, our survey has evidenced an increased willingness of respondents to put their existing home on the market. At the end of H1 2021, 26% of respondents reported that they were considering selling their house in the next 12 months. This compared to 22% six months ago, and only 13% 12 months ago.
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What are rent and price expectations in the UAE for the next 12 months?
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Of the respondents to our 5th home sentiment survey, covering both UAE renters and homeowners, only 34% expect prices and rents to decrease in the coming 12 months. This compares to 47% of respondents six months ago, and 74% one year ago. Sentiment has clearly improved.
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Even so, while price increases have occurred, they have been concentrated at the high end of the residential market, which perhaps explains why the most common answer when asked about the residential market, accounting for 38% of responses, was ‘remain the same’.
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What happened to Qatar's economy in 2020?
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In 2020, Qatar's gross domestic product was 3.7% less than in 2019, as a result of the Covid-19 pandemic. Stripping out oil production (which fell 2.1%), non-oil GDP was 4.6% lower in 2020 than in 2019. While Qatar has suffered a severe recession, overall economic performance has been relatively strong compared to many economies in the region and around the world, especially those with greater reliance on services such as hospitality, food and beverage.
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While performance in 2020 was driven by the pandemic, it should also be noted that growth rates have slowed in the past few years, having peaked in 2015. This slowdown reflects the impact of lower oil prices of government finances (and the corresponding need to reduce spending), and the slowdown in preparations for the 2020 World Cup.
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What happened to Kuwait's economy in 2020?
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In 2020, Kuwait's gross domestic product was 8.9% less than in 2019, as a result of the Covid-19 pandemic. Stripping out oil production (which fell 8.9%), non-oil GDP was 8.8% lower in 2020 than in 2019.
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Economic performance in Kuwait has struggled for the past few years as the Kuwaiti government has sought to cut spending levels, as it grapples with Kuwait's fiscal challenges. Indeed, as the chart shows, the economy was already in recession before Covid, with GDP shrinking 0.6% in 2019.
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