Qatar to log first budget deficit in 15 years

11 Jun 2015

(MENAFN) According to figures by the Qatari Ministry of Development Planning and Statistics, the country is set to record its first budget deficit in fifteen year next year, Arab News reported.

The figures also showed that the Gulf state’s economy will grow by 7.3 percent next year. This was down on the previous estimate of 7.7 percent, but still above growth in 2014 of just over 6 percent.

The figures were released in a statement posted on the ministry’s website. In 2016, Qatar expects to run a fiscal deficit of 4.9 percent of GDP and 3.7 percent the following year, the ministry said.

“The fall in oil prices that began in June 2014 was not anticipated. If they persist, lower oil prices will narrow the government’s fiscal cushion but our considerable financial reserves will provide an ample buffer,” the ministry said.

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