Qatar projects $12.8 bln deficit in 2016 as oil price bites

17/12/2015 Argaam

Qatar projects a deficit of $12.8 billion (QAR 46.5 billion) in 2016 as weak oil prices cut into the Gulf state’s revenue stream, according to a statement from the Qatar News Agency (QNA), citing the new budget for the coming year.

 

Revenue is expected to drop to $42.9 billion (QAR 156 billion) in 2016 from $62 billion (QAR 225.7 billion) in the previous fiscal year as the oil price per barrel continues to slide.

 

Expenditure is expected to reach $55.6 billion (QAR 202.5 billion) in 2016 compared with $60 billion (QAR 218.4 billion) in the previous fiscal year.

 

On Wednesday, Qatar cut their 2015 outlook on projected GDP growth from 7.3 percent to 3.7 percent.

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