Qatari gov’t budget logs USD26b surplus in Q2

08 Feb 2013

(MENAFN) Qatar’s central bank said that in the July-September period, the government’s budget posted a surplus of USD26 billion, up from USD11.58 billion a year earlier, reported Arabian Business.

The surplus is equal to 53.9 percent of the government’s 2012/13 fiscal year’s second quarter gross domestic product (GDP).

Spending jumped by around 14 percent, reaching USD11.19 billion, whereas revenue surged 74 percent to USD37.13 billion, with revenue from oil and gas accounting for nearly 70 percent of the budget income.

Qatar said that it would raise expenditure to USD49 billion in the current fiscal year, including wages, services and projects.

Meanwhile, the emirate forecasts to post a surplus of USD7.62 billion in the year.

It is worth noting that the world’s top liquefied natural gas (LNG) exporter increased basic salaries and social benefits for state civilian employees by 60 percent in September 2011, and raised salaries for military staff by between 50-120 percent.

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