Qatar’s state budget surplus rose to QAR 99.2bn (USD 27.3bn) in the fourth quarter of 2013, doubling from a QAR 49.7bn surplus in Q3, on surging revenue, mainly from hydrocarbons, and falling spending, the central bank said in its quarterly report.
The surplus equalled to 52.6% of the forecast GDP in calendar year 2013 compared with just 27% of GDP in Q3 2013.
Total revenue jumped 44% q/q to QAR 146bn in Q4, whereas spending fell 10% q/q to QAR 47bn.
It is worth noting that Qatar assumes very conservative crude oil prices (usually around USD 65 per barrel) when drafting its state budgets, thus, explaining the strong end-year performance. Qatar’s FY starts in April of every year and ends on March 31 of the next year.
In calendar year 2013, Qatar’s budget recorded a QAR 139.4bn surplus, accounting for 18.9% of the GDP. In 2012, the budget surplus reached QAR 94bn, equalling to 13.5% of that year’s GDP.
The United Arab Emirates’ (UAE’s) global port operator Dubai Ports World on March 24 signed two framework agreements to acquire stakes in Kazakhstan’s two Special Economic ... more
The odds on the Trump administration attempting to kill the Iran nuclear deal substantially shortened on March 13 with the firing-by-tweet of US Secretary of State Rex Tillerson and his replacement ... more
Algerian national energy company Sonatrach has struck a deal with Turkey's Ronesans and Bayegan to build a petrochemical plant worth $1bn in Turkey, Turkish President Recep Tayyip Erdogan said on ... more