Qatar foreign reserves reach $40bn - report

Gas-rich Gulf state sees surplus in current account rise to US$16.6bn
Qatar foreign reserves reach $40bn - report
Qatar money, Qatar currency, Qatar finance, Qatar banking, Qatar finance
By Francesca Astorri
Sun 10 Feb 2013 12:14 PM

Qatar’s international reserves rose to US$40bn at the end of
2012 compared to US$14bn in 2011, a report by Qatar National Bank (QNB)showed.

The country positioned itself as a net creditor to the rest of the world,
registering a surplus in current account balance of US$16.6bn in 2012,
with year-on-year growth of 9.3 percent. Favourable energy prices and prudent fiscal
management were considered the main drivers of this outcome.

According to QNB Financial Services, Qatar’s trade balance stood at US$25.2bn in 2012, an increase of 8.8 percent year-on-year. Asia is the
top export destination for Qatar, led by Japan (US$8.8bn, up 22.6 percent), South Korea
(US$7bn, up 46 percent), India (US$3.3bn, up 0.6 percent) and China (US$1.9bn, up 68 percent).

Liquefied Natural Gas remains Qatar's key export. The Gulf state's oil production declined 1.6 percent due to OPEC
quota restrictions, with an average price of US$108.1 per barrel in December 2012.

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