Qatar budget surplus falls 2.9% in Q3 of FY 2011/2012

07 Jun 2012

(MENAFN) A recent official data showed that Qatar’s budget surplus fell to 2.9 percent in the third quarter of its 2011/12 fiscal year from the second quarter, while spending jumped, Reuters reported.

Qatar, the world’s largest liquefied natural gas (LNG) exporter registered USD1.4 billion surplus in October-December 2011, down from USD11.6 billion in the previous quarter, according to the central bank estimates.

The Gulf country recorded a total of USD12.4 billion surplus in the first three quarters, or 7.1 percent of 2011 GDP, already the double of the government’s target of USD6.17 billion for the whole fiscal year ended in March, the official data showed.

Revenue recorded almost 10 percent decline to USD15.3 billion in the third quarter from a year earlier. It fell 28 percent compared with the previous quarter.

Spending soared by 62 percent in the quarter to USD13.9 billion from a year earlier. Spending jumped by 42 percent from the previous quarter.

Qatar, which plans to boost infrastructure spending ahead of hosting the 2022 soccer World Cup, assumed an oil price of USD55 per barrel in its 2011/12 budget.

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