Qatar posts $ 26 bn budget surplus



REUTERS

Published — Friday 8 February 2013

Last update 8 February 2013 4:24 pm

| نسخة PDF Print News | A A

DUBAI: Qatar’s government budget leaped into a large surplus of 94.6 billion riyals ($ 26.0 billion) in the July-September period, the second quarter of its 2012/13 fiscal year, preliminary central bank data showed.
The fiscal surplus of the world’s No. 1 exporter of liquefied natural gas was equivalent to 53.9 percent of gross domestic product in the period, according to the central bank.
It was more than double the 42.2 billion riyal surplus recorded in the same quarter of the previous year, and compared with an 18.5 billion riyal deficit in April-June. That put the cumulative surplus at 76.1 billion riyals in April-September.
Because of the timing of revenue flows, Qatar’s budget usually records deficits in the first quarter of its fiscal year, which begins in April, and then bounces back into surplus for the rest of the year.
Qatar booked a robust 54.3 billion riyal surplus in the 2011/12 fiscal year, the biggest since at least 2005/06, despite a surge in spending on public sector wages.
Analysts polled by Reuters in January forecast Qatar’s budget surplus would be 9.1 percent of GDP in the current fiscal year.
Expenditure rose nearly 14 percent from a year earlier to 40.8 billion riyals in July-September. Revenue was 135.3 billion riyals, up 74 percent. Oil- and gas-related revenue accounts for roughly 70 percent of Qatar’s budget income.
Under its budget plan the Qatar said it would boost spending to 178.6 billion riyals in the current fiscal year, including wages, services and projects, but expected a comfortable surplus of 27.8 billion riyals.
In September 2011 Qatar, raised basic salaries and social benefits for state civilian employees by 60 percent, while military staff received 50-120 percent increases.
It plans to spend an average of over 10 percent of GDP annually on infrastructure in the run-up to hosting the soccer World Cup tournament in 2022.

What's happening around Saudi Arabia

RIYADH: The Ministry of Education has suspended all parallel education programs, except in medical and engineering specialties, as well as bridging programs for health diploma certificates.Education Minister Azzam Al-Dhakil gave directions to the rec...
RIYADH: The Cooperative Health Insurance Council said it had suspended operations of six medical insurance companies for violating health insurance regulations by issuing insurance policies without completing the required documentation and violating...
JEDDAH: A local survey found that almost half of Saudis abide by rules and laws in public places outside the Kingdom more than they do inside the country.More than one-third of the respondent sample said they violate road traffic signs and directions...
DAMMAM: A 50 percent decline in the prices of some types of fish in the Dammam Central Market was noted compared to the previous month.Fish sellers attributed this decline to an increased fish supply and fall in demand from hotels and consumers durin...
RIYADH: In a two-day operation, police arrested 343 beggars including women and children during the holy month of Ramadan.A police officer said the raid was carried out in the Salehiya district and 220 of those arrested were women from Ethiopia. “Mos...
RIYADH: Hotels in the capital have made special arrangements by setting up Ramadan tents, where diners can visit to begin and break their fast with special suhoor and iftar meals during the ongoing fasting month.As the Ramadan tent is a popular pheno...
JEDDAH: Kaddadin, or unlicensed transporters, say there is good money to be made during Ramadan especially in transporting Umrah pilgrims from Jeddah to Makkah and back.During this month the number of visitors doubles or triples which means the price...
RIYADH: The holy month of Ramadan is lively at night following Taraweeh prayers. Nights are turned into days during the month in the industrial area where there is a large concentration of automobile workshops.The industrial areas are well illuminate...
RIYADH: The Saudi man behind the green project that ensured 3,400 trees in Khurais in the Eastern Province for a government firm has been approached by a Kuwaiti oil company for a similar project. “After learning about the project in the Eastern Prov...
RIYADH: A total of 1,300 Gambian pilgrims will come to the Kingdom to perform Haj this year, Ambassador Omar Gibril Sallah said on Thursday.“We hope that the pilgrims will observe the fifth pillar of Islam in peace and harmony and may Allah accept th...
RIYADH: The Saudi Commission for Tourism and National Heritage (SCTNH) and the Disabled Children’s Association (DCA) have launched a traffic safety campaign, to reduce the number of accidents that cause disability.Prince Sultan bin Salman, the SCTNH...
JEDDAH: The holy month of Ramadan is a period when non-Muslim expatriates too abstain from eating, drinking or smoking during the daytime out of respect for Muslims who fast from dawn to dusk and also because it is healthy. The expatriates are also...
A policeman was killed in an anti-terror operation on Friday in the western city of Taif, according to the interior ministry. An exchange of fire resulted in the death of the policeman after a raid to arrest a wanted person, state news agency SPA quo...
RIYADH: Customs authorities at Prince Mohammed bin Abdulaziz International Airport in Madinah have foiled an attempt to smuggle 52,850 Xanax capsules into the country.The drug, an anti-depressant, banned in the Kingdom, was found hidden under the clo...
RIYADH: Custodian of the Two Holy Mosques King Salman has ordered that two men face trial for allegedly insulting the late King Abdullah.Quoting reliable sources, a local online publication said that King Salman has also barred Mohsin Al-Awaji and Ab...

Stay Connected

Facebook