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FINANCIAL NEWS
Qatar posts budget surplus of USD11.6b in Q2
10 Feb 2012
(MENAFN) Qatar’s central bank’s preliminary estimates showed that during the second quarter of the country’s 2011-2012 fiscal year, the budget recorded a surplus of 25.6 percent of economic output to reach USD11.6 billion, reported The Peninsula.
The bank added that in the July-September period, revenues hiked 61 percent from the previous year, to around USD21.40 billion, driven by higher oil prices and growing gas output.
It also said that government expenditures jumped by around 24 percent from a year earlier to USD9.82 billion and met 50 percent of the full-year target on a cumulative basis.
It is worth noting that in the current fiscal year, Qatar’s government plans to boost spending by 19 percent to at least a 6-year high, helped by a recent expansion of its gas industry and high oil prices.
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