Qatar auto sector posts 19% growth y-o-y in new registrations: PSA

Qatar auto sector posts 19% growth y-o-y in new registrations: PSA

New vehicle registrations in Qatar witnessed a healthy double digit year-on-year growth on the back of robust demand, mainly for private vehicles and motorcycles, according to official statistics.

The new vehicle registration stood at 6,771; representing a 19.3% increase on a yearly basis; even as it declined 8.4% month-on-month in the review period, according to figures released by the Planning and Statistics Authority (PSA).

The registration of new private vehicles stood at 4,071, which posted a 22.7% growth year-on-year but shrank 22.4% on a monthly basis in October 2021. Such vehicles constituted 60.12% of the total new vehicles registered in the country in the review period.

The registration of new private transport vehicles stood at 1,759; which showed a 0.9% and 22.7% growth year-on-year and month-on-month respectively. Such vehicles constituted 25.98% of the total new vehicles in October 2021.

According to the Qatar Central Bank data, auto loans to Qataris and non-Qatari were seen declining 29.33% and 16% year-on-year respectively to QR1.06bn and QR0.21bn this October.

Personal loans to Qataris reported a 36.06% surge year-on-year to QR82.37bn; whereas those for non-Qataris were down 1.34% to QR8.86bn in the review period.

The overall consumption credit to nationals grew 11.55% year-on-year to QR146.24bn; while that to non-Qataris shrank