An increasing number of Qatar residents are reporting stagnating salaries as a slowing economy takes its toll on company spending, a newly released survey has found.

Some 48 percent of Qatar respondents said their pay rose last year, compared to 55 percent in 2014, according to a salary report by recruiting company Bayt and market research firm YouGov.

Additionally, nearly half of all respondents from Qatar said their pay has not kept up with the country’s rising cost of living.

The poll comes as many Qatar-based private and public companies and organizations look to cut costs amid falling oil prices.

Nearly two-thirds of respondents here said a “poor economy” or “declining oil prices” are to blame for wages not keeping pace with inflation.

Residents are slightly more optimistic about the year ahead, with 51 percent saying they’ve already gotten a raise or expect to see a bump in their pay.

Savings

On the bright side, a lack of pay hikes doesn’t appear to have soured many respondents on their jobs.

In Qatar, the number of people who reported low satisfaction with their salaries remained the same as last year, at 40 percent.

Meanwhile, slightly fewer people said they plan to look for work outside the country or, in the case of expats, move home.

One reason may be that despite the rising cost of living, more than four out of every five respondents report being able to put aside some money each month.

The percentage of savers in Qatar, at 82 percent, is significantly higher than anywhere else in the GCC, where rates range from 62 percent (Bahrain) to 70 percent (Kuwait and Oman).

The survey included responses from 452 Qatar residents.

Thoughts?