Qatar revealed its budget for 2010-2011 yesterday and unlike the doom and gloom presently being forecast by many nations their fiscal position looks very healthy for the year ahead.
QNA state news reported that they predict a surplus of well over $2.5billion which is derived from $35 billion in revenues. The estimated outlay of well over $32 billion actually marks a rise of over 25% on the figures for 2008-2009. The actual increase in revenue is being cited as a healthy increase of well over 40% on the previous forecast.
These figures however are being quite cautious and in no way outlandish as they were calculated assuming that the price of a barrel of crude oil would on average reach about $55 per barrel whereas at present the average price is over $80 per barrel.
Well over $9.5million has been allocated for Qatar’s infrastructure which will further improve its industry competitiveness and this will account for about 30% of the overall public expenditure budget. Other projects revealed were the completion of Doha Airport and the construction of a new sea port in Qatar’s capital city.
Qatar is still believed to have natural gas reserves somewhere in the region of 25 trillion cubic metres making this the third highest recorded behind Iran and Russia. They also plan to become a significant exporter of Liquefied Natural Gas.Andrew Reid, Staff Writer, Gulf Jobs Market News