Saudi Ministry of Education to showcase innovations at 2025 Geneva International Exhibition    7,523 violators of residency, labor, and border security laws deported in a week    Video contradicts Israeli army account of deadly March 23 strike on Gaza paramedics    Saudi Arabia spends over $241 million to implement de-mining projects in 3 countries    Italy's Meloni government approves controversial security decree expanding police protections and penalties    Egypt submits new Gaza ceasefire and prisoner exchange proposal: Report    'Everything is possible' — Ronaldo focused on titles, not 1,000-goal milestone after Riyadh Derby win    Saudi, US military leaders discuss enhanced defense cooperation in Riyadh    King Salman Global Academy for Arabic Language launches program with Indiana University    Ronaldo brace powers Al Nassr past Al Hilal in Riyadh derby thriller    Ed Sheeran weaves Persian music into new song, Azizam    Al-Jadaan: Crown Prince's directives confirm government's ability to bring back balance to real estate market    Veteran Bollywood actor Manoj Kumar dies at 87    Foreign investors are allowed to engage in real estate business outside Makkah and Madinah Commercial speculation should not be the purpose of real estate transaction    Aubameyang fires Al Qadsiah into King's Cup final with stoppage-time winner over Al Raed    Musk's X is suing India, as Tesla and Starlink plan entry    Tesla sales plunge after backlash against Elon Musk    Danilo Pereira fires Al Ittihad into King's Cup final with dramatic stoppage-time double    Screen time in bed linked to insomnia, study finds    Mexico bans junk food in schools to fight childhood obesity epidemic    Sweet sales surge ahead of Eid as Saudi chocolate imports top 123 million kg in 2024    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Qatar raises 2013 GDP growth forecast to 5.3%
Published in The Saudi Gazette on 29 - 06 - 2013

DOHA – Qatar's government raised its forecast for real gross domestic product growth in 2013 to 5.3 percent from 4.8 percent on Wednesday, citing changes to its expected output of oil and gas.
The General Secretariat for Development Planning predicted growth of 4.5 percent next year. In 2012, GDP rose 6.2 percent.
Pipeline gas production will rise this year and unscheduled shutdowns, which limited energy output in 2012, are unlikely to be repeated, the secretariat said in a report.
“In 2014, upstream oil and gas is expected to contract as output from maturing oil fields tapers off and gas production hits installed-capacity limits,” it said.
The government's fiscal surplus in Qatar, the world's top exporter of liquefied natural gas, is expected to drop to 4.7 percent of GDP in 2014 from an upwardly revised 8.1 percent this year, the secretariat said. In its previous report last December, it had forecast a 2013 surplus of 5.4 percent.
“The overall surplus is expected to narrow in 2014 in the wake of the substantial increases in capital spending needed to keep Qatar's capital projects on track,” it said.
Qatar plans to spend some $140bn on infrastructure in the next decade, partly in preparation to host the 2022 World Cup soccer tournament. Inflation is expected to be 3.6 percent in both 2013 and 2014, up from 1.8 percent last year, the secretariat predicted.
“This forecast is consistent with somewhat higher inflation in the second half of 2013, but also anticipates that the accelerating inflationary trend seen since the second quarter of 2012 will peter out by end-2013,” it said.
Non-oil growth continues in Qatar supported by “robust” domestic demand and “improved” banking sector liquidity, Barclays said in its latest report.
In Qatar, non-hydrocarbon activity is likely to continue to dominate the drivers of growth in 2013, on the back of increases in public spending in line with the country's revised National Development Strategy, the report said.
Hydrocarbon growth has been muted in Qatar since Q2, 2012, while non-hydrocarbon growth has led the way, registering 11.85 percent year-on-year (y-o-y) in Q4, 2012 and more than 10 percent y-o-y for full-year 2012, supported by a sustained increase in public spending and credit growth.
“Qatar's spending plans continue to drive growth as gas production plateaus; LNG production and exports run at full capacity,” the report said.
Contrary to Barclays' expectations, GCC (Gulf Cooperation Council) oil production increased in April and May, reversing the cuts that took place in Q1, 2013.
However, average GCC oil production rose only to 15.7mn bpd in April-May, up from 15.5mn bpd in Q1, 2013, and the 2013 year-to-date (YTD) average of 15.6mn bpd remains below the 2012 annual average of 15.9mn bpd.
So far, most of the increases have come from Saudi Arabia, whose production rose from an average of 9.1 million bpd in Q1, 2013 to 9.3 million bpd and 9.5 million bpd in April and May, respectively.
“So far, these trends remain in line with our 2013 forecasts: we expect average production to slip from 9.8mn bpd in 2012 to around 9.4mn bpd in 2013 in Saudi Arabia and to marginally increase in UAE and Kuwait,” Barclays said. “However, we think downside risks to hydrocarbon growth have increased as recent data point to moderate GDP expansion in the US and a sharper-than-expected slowdown in Chinese growth.
“Our economists have downgraded their Chinese GDP growth forecast from 7.9 percent to 7.4 percent for 2013 and from 8.1 percent y-o-y to 7.4 percent y-o-y in 2014.”
While the Barclays still expects Chinese demand to strengthen in the short term, the lower GDP forecast and an apparent lack of momentum in manufacturing may see Chinese oil demand growth softening towards end-2013 and into 2014. — Reuters


Clic here to read the story from its source.