Qatar is expected to keep posting budget surpluses in the coming years and the OPEC member's nominal gross domestic product should jump to QR547bn ($150bn) this year, its central bank governor said on Thursday.
"Despite the huge investments planned... the government budget is expected to continue to post surpluses in the coming years with a surplus of 5.7 percent of GDP seen in 2016," Sheikh Abdullah Bin Saud Al Thani told a meeting of Arab central bank governors in a speech on behalf of the country's prime minister.
Qatar's government budget surplus shrank sharply to 2.9 percent of its economic output in the 2010-11 fiscal year as spending jumped. The fiscal year starts in April.
Qatar, the world's top liquefied natural gas exporter and one of the largest global investors through its sovereign wealth fund, plans to spend over $125bn in the next five years on construction and energy projects according to its plan.
Qatar's nominal GDP reached QR463bn in 2010. The government 2011 estimate is putting its growth at 18 percent at current prices, according to Reuters calculations.
The country's five-year national development strategy projects the nominal economic output to reach QR775bn in 2016, Sheikh Abdullah also said.
Analysts polled by Reuters in June forecast Qatar's real GDP to expand by 16.7 percent in 2011. The statistics office has not yet released 2010 real GDP data.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.