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FINANCIAL NEWS
Qatar’s spending falls 6.6 percent in Q2
31 Oct 2014
(MENAFN) Qatar’s government spending reached USD10.7 billion during the April-June period, a fall by 6.6 percent compared with the same period last year, while revenue soared to a record high during the same period, Arabian Business reported.
The Qatari government attributed the fall in its spending to the plan it created of dividing or slowing its work on some large infrastructure projects in the country into phases which led to the reduction of the risk of wasting or overcapacity.
During the second quarter, the budget surplus reached USD21.69 billion, compared with a deficit of USD6.70 billion during the same period in 2013 which is equivalent to a 41.7 percent of gross domestic product (GDP).
Meanwhile, revenue surged to USD32.35 billion, nearly the same amount as the state collected in the whole first half of last year and compared to USD4.70 billion a year ago, an increase the government attributed partly to fact that state energy giant Qatar Petroleum started transferring its entire financial surplus to the government in 2013.
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