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.
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