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FINANCIAL NEWS
Qatar’s 2012/2013 surplus to hit USD15 billion: Official data
31 Jul 2012
(MENAFN) Preliminary data released by Qatar’s Ministry of Economy and Finance estimated the cash-rich Gulf state’s budget surplus to have increased to USD15 billion for the fiscal year ended in March, on higher than previously expected revenue, Reuters reported.
Qatar’s 2011/12 fiscal surplus represented 8.6 percent of gross domestic product (GDP), up from the original estimate of USD6.17 billion, according to the ministry.
In the previous fiscal year, Qatar posted a revised surplus of USD3.7 billion, or 2.9 percent of GDP, the data showed.
The figure strengthens the government’s financial status as it plans to spend more than 10 percent of GDP on average on infrastructure in preparation to host the World Cup 2022.
Last fiscal year, the world’s top liquefied natural gas (LNG) exporter saw a 16 percent jump in expenditure to a record USD45.5 billion, the data showed, well above the original USD38.4 billion plan.
Qatar plans to further loosen pockets to USD49 billion in the 2012/2013 fiscal year, including wages, services and infrastructure, but expects to see a USD7.63 billion surplus.
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