(MENAFN) According to a report by Qatar National Bank (QNB), Qatar's public debt registered a decline to 32 percent of the Gross Domestic Product (GDP) in 2013, The Peninsula Qatar reported.
Qatar's current account surplus, while still large at an estimated 27.6 percent of GDP in 2014, is projected to narrow to 21.2 percent of GDP in 2015 and 16.6 percent GDP in 2016 due to the current fall in oil prices as well as a decline in the country's exports.
The report indicated that despite a projected decline in exports, the Barzan facility is expected to provide some increase in exports of products associated with gas production such as LPG and petrochemicals, while imports, on the other hand, are expected to continue increasing due to the growth in population, and the materials and services needed for the multiple developments projects planned in the country.
Meanwhile, Qatar's accumulation of foreign exchange reserves is likely to slow after the country's international reserves increased to a record high of USD45.3 billion in October 2014, which is equivalent to more than eight months of import cover, while its budget surplus is also forecasted to decline from an expected 10.8 percent of GDP in 2014 to 8.0 percent and 5.0 percent of GDP in 2015 and 2016, respectively.
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