Doha, December 31 (QNA) – The year 2022 is an exceptional year for the Qatari economy, it is the year of the country’s resounding success in hosting the FIFA World Cup Qatar 2022, and the Qatari economy has shown record performance during it, its latest indicators highlight the achievement of a real growth rate at constant prices of 6.3 percent during the second quarter of this year on an annual basis, compared to the same period last year, with inflation controlled at around 5.30 percent last November at an annual rate.
Financial surplus, at the level of public finances, the actual data of the budget of the State of Qatar, during the first nine months of 2022, showed the achievement of a surplus exceeding QR 77 billion, compared to QR 4.9 billion, during the same period of 2021, and this surplus came mainly from the noticeable increase in total revenues, which reached the level of QR 232.6 billion, with the control of expenditures recorded QR 155.2 billion, and this coincided with the recovery of oil prices, which during the past period fluctuated between 80 to 100 dollars per barrel, noting that the price of the budget of the year the current is based on 55 dollars per barrel, which has maintained the financial balance and reduced the effects of oil price fluctuations on the performance of public finances.
Powerful ratings, despite the fluctuations and crises witnessed by the global economy in recent years, the solidity of the Qatari economy has been confirmed by international rating agencies.
The year, which is marking its departure after a few hours, was crowned with excellent ratings for the Qatari economy, as the Standard & Poor’s credit rating agency raised the rating of the State of Qatar from “-AA” to “AA” during the year 2022, and Moody’s credit rating agency raised the outlook for the country from stable to positive.
In the same context, Fitch and Capital Intelligence agencies have continued to rate Qatar’s sovereign rating at the “AA” level with a stable outlook, which reflects the State of Qatar’s strong creditworthiness.
HE Minister of Finance Ali bin Ahmed Al Kuwari noted at a recent press conference that the improvement of the country’s credit rating confirms the strength and flexibility of the local economy, in addition to the financial stability witnessed by the State, which increases the attractiveness of the State of Qatar to foreign investments, and contributes to reducing the cost of borrowing for the State and its institutions.
His Excellency pointed out that the public debt of the State of Qatar has decreased from 58 percent in 2021 to about 44.5 percent of GDP, due to the State’s repayment of outstanding amounts of external debt, in addition to the growth in GDP at current prices, the rise in energy prices, and the State’s fiscal policy of controlling spending, raising its efficiency and reducing the level of public debt, especially external, which has contributed to the improvement of the country’s credit rating.
New products, as for the indicators of the industrial sector, data issued by the Ministry of Commerce and Industry revealed the registration of 1,100 new local products, the operation of 17 new factories, and the value of exports of local origin reached the level of QR 136 billion, and the rate of compliance of factories with industrial requirements by 72 percent in the third quarter of this year, while the number of workers in factories increased by 840 workers, and the average time spent for industrial development services reached 1.5 days.
In the same context, the ministry pointed out that 18,823 new trade registers were issued between January and the end of August 2022, an increase of 132 percent compared to the same period last year, and 17,654 new trade licenses were issued between January and the end of August 2022, an increase of 138 percent compared to the same period last year, in addition to the renewal of 30,414 trade registers, and the renewal of 35,908 trade licenses in the same period. (MORE)