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Business and Finance

Fitch: Qatar’s financial position is the best in the Gulf region

28 Apr, 2021 10:27 AMAl Watan NewspaperIntended Audience
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News Details

Fitch, the international credit rating agency, said that the Qatar’s financial position is the best in the Gulf region this year, expecting that Qatar's 2021 budget will achieve a surplus of 2.4% of GDP, supported by the rise in oil prices in global markets above the level of $ 65 a barrel, but the agency indicated that the average weighted oil prices during 2021 are $ 58 per barrel, while the long-term average is $ 53 per barrel.

Fitch added that the Gulf Cooperation Council (GCC) will record deficits in their budgets this year, with the exception of Qatar and Abu Dhabi, where the latter will achieve a surplus of 1.1% of GDP, which means that Qatar's budget surplus is the highest in Gulf.

The budget of the State of Qatar for the year 2020 has achieved total actual revenues of 171.1 billion riyals in 2020, distributed over 47.6 billion riyals in the first quarter, 45.2 billion riyals in the second quarter, 38.9 billion riyals in the third quarter, and 39.4 billion riyals in the last quarter of 2020.

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