Kuwait experienced a surge in total loans, reaching $4.3 billion
Kuwait has witnessed a significant increase in total loans, which have reached $4.3 billion.
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Kuwait has experienced a robust increase in its loan market, with total loans reaching $4.3 billion and significant growth in both consumer facilities and private sector deposits.
In consumer facilities, the country has generated a noticeable growth of 1.8% in April, with the total reaching 2.004 billion dinars, up from 1.967 billion the month before.
Over the period from January to April, total loans in Kuwait surged by 2.4%, increasing from 53.55 billion dinars at the end of December 2023 to 54.873 billion dinars by April 2024. Personal facilities, which include housing loans, saw a modest increase of 0.3%, rising from 18.7 billion dinars to 18.8 billion dinars.
The increase in consumer facilities to 2.004 billion dinars in April can be attributed to an increase in employment and expansion into new market segments. Private sector deposits have also seen a healthy increase of 2.9% since the beginning of the year, rising from 37.34 billion dinars in December to 38.463 billion dinars by the end of April.
On the other hand, government deposits in public institutions have experienced a significant decline, dropping by 7.8% from 11.3 billion dinars in December to 10.5 billion dinars by the end of April, totaling a decrease of 877 million dinars.
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Employment grew for the 16th consecutive month as companies expanded.
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According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
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