DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/e0aea1/qatar_autos_report) has announced the addition of the "Qatar Autos Report Q3 2011" report to their offering.
There are no comprehensive and reliable vehicle sales and import statistics available for Qatar, which has only a very small car industry, owing to its low population (1.6mn in 2009). However, some dealerships do release their sales figures, making it possible to get a partial handle on local vehicle demand and the overall direction of sales and imports.
The year 2010 was a substantially better year for the Qatari economy, and by extension consumer demand for new vehicles, than 2009. Overall GDP growth nearly doubled in 2010, to 15.9% (despite a slowdown in the construction sector), according to current estimates. Continued strong activity in the oil and gas sector (where prices were once again very buoyant), together with the stabilising effects of a substantial public injection of funds into the banking sector, helped to explain the strong rate of overall economic growth. Several Qatari dealerships reported strong growth in car sales during 2010. Leading the way was Alfardan Automobiles, which had a 66% increase in sales over all of its brands. Sales of Rolls-Royce cars were up by 80%, while sales of Mini cars were up by 85% on 2009.
The initial indications were that there should continue to be steady growth in car sales in 2011, bolstered by the successful hosting of the inaugural Qatar Motor Show in January 2011. Moreover, the Macroeconomic team is predicting 17.2% annual GDP growth for the current year, a further acceleration from the stellar 2010 performance. In April 2011, Alfardan announced that thanks to the introduction of the Mini Countryman, it expected sales growth for the Mini family to build on the strong 2010 performance, when overall sales rose 85%.
However, in April 2011, two separate policy decisions by the Qatar Central Bank (QCB) had very different implications for the outlook for vehicle sales. On the positive side, the monetary authority reduced its key overnight deposit rate by 50bps from 1.5% to 1.0%, bolstering the supportive effects of an August 2010 move to reduce the rate by a similar magnitude.
Read more inside Qatar Autos Report Q3 2011
For more information visit http://www.researchandmarkets.com/research/e0aea1/qatar_autos_report