Qatar Economic Outlook Issue Number 13

Figure 2-33: Rate of change of the All-Share 
Index for GCC and S&P indices 
6
-11
-1
314 24 16 19
18
13
-30
-20
-10
0
10
20
30
40
50
-100
-50
0
50
100
150
200
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
2019
2020
2020
R
at
e 
of
c
ha
ng
e
)%
(
Qatar
Saudi Arabia
Abu Dhabi
Bahrain
Kuwait
Dubia (R-axis)
S&P (R-axis)
Sources: Refinitiv Eikon (Dec. 2021) & prepared by PSA
Table 2-4
: Performance of GCC’s Stock Markets Indices
 
.QEAS .QSI
.ADI
.DFMGI .TASI
.BAX
.KWSE
Qatar - 
All-
Share
Qatar 
General
UAE 
ABU 
DHABI
UAE 
DUBAI
Saudi 
Arabia
Bahrain Kuwait 
Index Points 
3,519
 11,082
7,652
2,901
11,180
1,666
6,813
Price to earnings ratio 
16.1
16.1
21.1
14.7
23.2
12.9
20.8
Price to Book ratio 
1.4
1.5
2.2
0.9
2.7
1.0
1.4
Dividend Yield (%) 
2.7
2.8
3.0
2.7
2.4
2.0
2.4
Volatility - 200 days 
9.1
9.9
11.4
13.5
10.2
6.3
7.5
Year to date performance (%)
10.0
6.2
51.7
16.4
28.1
11.8
22.8
Year on year performance (%) 14.7
12.1
68.7
27.8
39.9
20.6
28.8
Sources: Refinitiv Eikon, downloaded on December 2021 and prepared by PSA
 

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Qatar Economic Outlook 2021 - 2023 
86 
in Qatar, it reached 1.45, which is lower than 
Saudi Arabia and Abu Dhabi, but almost 
equal to Kuwait, and higher than Dubai, and 
Bahrain. In terms of Dividend Yield, the Qatar 
Stock Exchange reached an average of 
2.75%, which is equal to Dubai, and lower 
than Abu Dhabi, but higher than the rest of 
the other Gulf markets. 
Economic Development (2017 
– 2019) 
Updating the base year from 2013 to 2018 
and updating the GDP calculation with 
economic survey data for the years: 2017, 
2018 and 2019, led to a significant change in 
annual values and rates of change in GDP, 
both at constant and current prices as shown 
in (Box 2-8 and Box 2-9). Figure (2-34) 
indicates that the real value of GDP at 
constant prices during the period (2015-
2019) has been adjusted downward with an 
annual average of about 17.5%, reflecting the 
alteration affecting the GDP deflator due to 
the change in the base year, as indicated in 
Table (2-5). Thus, given the sharp price 
fluctuations in global goods and services 
markets during the period (2013 - 2019), the 
GDP deflator moved upward by an annual 
average of about 19.5%. Most of such 
increases are attributed to downward 
fluctuations in oil and gas prices that led to a 
rising hydrocarbon GDP deflator, at an 
average of 49.5%, which reduced the value 
of real GDP. 
Figure 2-34: Real GDP
 
398 
269 
394 
267 
392 
261 
390 
260 
383 
256 
382 
380 
417 
402 
402 
398 
431 
407 
436 
416 
780
649
812
669
793
659
821
667
819
672
-
100 
200 
300 
400 
500 
600 
700 
800 
900 
Old New Old New Old New Old New Old New 
2015
2016
2017
2018
2019