Qatar to run budget deficit next year
Qatar Oil production has averaged 709,000 barrels per day (bpd) in 2015. It fell to 635,000 bpd in April and began to climb back in March, with an average of 708,000 bpd.
Next year, the country expects a fiscal shortfall of 4.9 percent of GDP, said the Development Planning and Statistics Ministry on its website. In 2017, it forecast a reduction to 3.7 percent.
“If they persist, lower oil prices will narrow the government’s fiscal cushion but our considerable financial reserves will provide an ample buffer,” Qatar’s Development Planning Minister Saleh Al Nabit said in a statement. “Important capital spending plans will proceed.”
Qatar plans to spend nearly $200 billion on infrastructure projects over the coming decade.
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