Qatar plans to spend QAR178 billion ($49 billion) over the new fiscal period and generate revenues of QAR206 billion, according to the state news agency QNA.
The world’s largest liquefied natural gas exporter has set the new budget estimating it will see a surplus of QAR28 billion for the 2012/2013 fiscal year.
The new budget is based on an oil price of $65 per barrel.
The Gulf state planned to spend QAR140 billion in the previous fiscal year of 2011/12, expecting a surplus of QAR23 billion.
A report by the IMF earlier this year claimed Qatar had weathered the global crisis with “high growth and large external current account and fiscal surpluses.”
The country saw a real GDP growth of 19 per cent in 2011, up from 17 per cent in 2010. Qatar’s non-hydrocarbon sector increased by nine per cent, mainly driven by manufacturing, financial services, trade and hotels.
“The economic outlook for 2012 and beyond looks favourable, despite increased external risks. The main downside risks are lower hydrocarbon prices and potential disruption in transportation of liquefied natural gas (LNG) due to increased geopolitical tensions,” said the report.
IMF projects real GDP growth rate at six per cent in 2012, with real hydrocarbon GDP expected to slow down to three per cent.