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May 23 2012

Qatar to record USD22bn budget surplus in 2011-12

Qatar's budget surplus is expected to have reached about QAR 80 billion (USD 21.9 billion) in the fiscal year ended March 31, 2012, on the back of high hydrocarbon prices, a senior government official told Zawya on condition of anonymity.

The budget surplus shrank to QAR 13.5 billion (USD 3.7 billion), or 2.9% of economic output, in the 2010/11 fiscal year, from QAR 54.1 billion, or 15.2% of gross domestic product, in 2009/10.

However, in the first nine months of the fiscal year 2011/12, the surplus stood at QAR 26.7 billion (USD 7.27 billion).

The emirate had budgeted an average oil price of USD 55 per barrel for the period, while the actual price averaged close to USD 100. The government will release its budget for fiscal 2012/13 next week, the official said. The cabinet met on Wednesday to approve the proposals.

The Qatar Central Bank will soon announce that nominal gross domestic product in 2011/12 increased by 36% over the previous year to reach QAR 631.6 billion (USD 173.5 billion) compared to QAR 463.5 billion (USD 127.3 billion) in 2010/11, the official said.

It will also report that inflation recorded a decline to 2.1% from 2.2% recorded in the previous fiscal year.

© Zawya 2012


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