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28 March 2024

Qatar’s fiscal surplus doubles

Published
By Staff

A surge in hydrocarbon revenue nearly doubled Qatar’s budget surplus during fiscal year 2012-2013 while its economy soared by nearly 12.2 per cent in current prices last year, according to official figures.

From around QR48.2 billion during 2011-2012, the actual fiscal surplus climbed to QR82.6 billion during fiscal year 2012-2013, the Qatari central bank said.

The rise was a result a 26.7 per cent surge in the Gulf country’s revenue despite an increase of around 13.1 per cent in actual public expenditure, it said in a report.

The report showed Qatar, the world’s largest LNG supplier, assumed an oil price of $65 during its current 2013-3014 budget which set revenue at QR218.1 billion.

Analysts expect the 2013-2014 budget, Qatar’s largest, would record another massive surplus at the end of the fiscal year on March 31 next year since oil prices are expected to end the year far higher than the level forecast in the budget.

Qatar has basked in large fiscal surpluses while its GDP has recorded double digit growth rates over the past few years to emerge as one of the world’s fastest growing economies mainly because of higher oil prices and swelling gas earnings.

The central bank report showed the country’s GDP grew by 12.2 per cent in current prices in 2012 to reach QR700.3 billion compared with QR624.2 billion in 2011. The 2012 growth was below half the 37.1 per cent rate recorded in 2011.

A breakdown for 2012 showed the hydrocarbon sector grew by 9.3 per cent to QR404.8 billion while the non-oil sector surged by 16.5 per cent.

Qatar has the world’s third largest gas reserves, estimated at 25 trillion cubic metres. Two years ago, it became the dominant LNG force with exports of around 77 million tonnes a year after it completed mega projects at its offshore North Field, the world’s largest reservoir of non-associated gas.