Quick View: Saudi Nominal GDP to Hit 29% In 2011-KAMCO

Kuwait-based KAMCO sheds light on the future economic outlook of the GCC based on 2011 and 2012 GDP growth expectations. In addition, the report incorporates growth analysis of consumer loans in Saudi Arabia, Qatar and Kuwait for 9M-11. GDP in Saudi Arabia, Qatar and Kuwait is expected to post growth rates for 2011 and 2012, by 29% and 7% in Saudi Arabia, 35% and 7% in Qatar, while Kuwait is expected post growth of 25% and 12%, respectively, supported by the growth in oil GDP.

Meanwhile, consumer loans will be the main driver of GCC credit markets in the coming years in addition to borrowing to fund infrastructure projects, trade and finance as well as real estate, especially in Saudi Arabia where population growth is spurring housing demand. In Saudi Arabia, consumer loans and credit cards form 27% of the credit portfolio of banks at SAR 838 bn (USD 223 bn), a growth of 10% in 9M-11. As for Qatar, consumer loans represent 17% of banks’ credit portfolio at QAR 364 bn (USD 100 bn) at a growth rate of 11% for 9M-11, while in Kuwait, personal loans (consumer loans excluding loans for the purchase of securities) make up 24% of banks’ credit portfolio at KWD 6.2 bn (USD 22 bn).

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