|12-14-2014, 12:10 PM||#1|
Qatar to growth 7.7% in 2015, higher fiscal surplus eyed despite oil`s fall
The Ministry of Development Planning and Statistics forecasts the Qatar economy will grow at a 7.7% rate in 2015, boosted by growth in the non-hydrocarbon economy.
This is well higher than the 6.3% growth forecast for 2014.
"In 2015, with momentum still gathering in non-hydrocarbons, the sector`s share of GDP will overtake that of oil and gas, and continue rising in 2016 and beyond,” said Minister Saleh Al Nabit.
A larger fiscal surplus is also seen in 2015, driven by huge investment income. Surplus is expected to increase 8.7% of GDP, compared with June estimates of 5.5%.
However, fiscal revenues are at risk of falling oil prices, but the economy is cushioned by the substantial fiscal strength.
The Qatari economy will derive its strength in the coming years from a health rise in population, and a robust economic activity that is well diversified beyond the hydrocarbon sector.
In 2015 and the next few years, Qatar’s break-even oil price is likely to rise as the country is swaying away from oil-dependence, oil prices expected to be at their multi-low levels, which should affect the government finances for then, however it will shield Qatar against price shocks in the years after.
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