Economic Growth To Boost Doha Throughput Outlook
Throughput volumes at Qatar's premier port at Doha are set to receive a boost from the country's strong economic performance over the next few quarters, driven almost exclusively by the non-hydrocarbon sector. We forecast healthy growth of 3.1% and 3.5% in tonnage and box throughput at the port of Doha in 2014.
We forecast Qatar's real GDP to grow 5.4% and 4.9% over 2014 and 2015 respectively, compared to an estimated 5.7% in 2013. Although oil and gas production has reached close to full capacity and will remain flat throughout the year, we expect broad-based growth in the non-hydrocarbon economy. We see construction activity outperforming this year, on the back of continued progress in large-scale infrastructure projects covering everything from transport networks to utilities and residential and commercial builds, which will support growth in dry bulk handling. The services sector will also continue its rapid expansion, supported by a fast-rising population and robust consumer demand, and this will lead to an increase in the number of boxes being handled at the facility.
We forecast real private consumption growth of 11.0% in 2014 and 8.0% in 2015, up from an average of 6.2% in 2009-12. On the back of high demand for foreign workers in preparation for the 2022 FIFA World Cup, the country's fast-rising resident population will fuel growth in the retail, business services, real estate, and trade and hospitality sectors, all of which demand imports of containerised goods. Qatar's total population reached a record high of 2.11mn in February 2014 according to QSA data - up by 10.4% from a year earlier.
|Growing Into New Facility|
|Port Of Doha/New Doha Port Throughput (TEUs), 2009-2018|