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29-05-12

Qatar expects bigger budget surplus in FY 2012/2013

(MENAFN) Qatari government predicted its budget surplus at 23 percent of expenditure in fiscal 2012/2013 compared with 16 percent in the previous year, the state's news agency QNA reported. The budget surplus represents 8 percent of gross domestic product (GDP) compared with 6.7 percent in the previous year's budget. The budget was based on an oil price of USD55 a barrel in the previous two fiscal years. Qatar's budget surplus for the fiscal year ended March 31 reached USD22.7 billion. The government expected revenue to increase 27 percent, assuming an average oil price of USD65, while expenditure is estimated to grow 28 percent, QNA said. Non-hydrocarbon revenues account for 30 percent of total revenues in the current fiscal year, which started on April 1, up from 24 percent the previous year. The International Monetary Fund (IMF) named Qatar the world's fastest economic growth in the past two years, on increased exports of fuel and the completion of new LNG facilities. Qatar's Economic Planning Board predicted growth to slow to 5 percent this year from 15 percent last year as expansion of gas exports slows.

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