Qatar approves budget, expects 22.1% revenue increase

Qatar has approved its budget for fiscal year 2022, the country’s Finance Minister Ali Al Kuwari said at a press conference on Tuesday.

Revenue is expected to rise to 196 billion riyals ($ 53.8 billion), an increase of 22.4 percent from last year’s budget estimate, Asharq reported.

Estimates for the budget were made assuming that oil prices would be $ 55 per barrel over the year based on healthier global energy prices.

In addition, expenditure is expected to reach 204.3 billion riyals, with an annual growth of 4.9%.

This will lead to a budget deficit of 8.3 billion riyals. Al Kuwari added that this deficit will be filled by the current monetary balances and the issuance of local and foreign debt instruments if necessary.

EU economy

Production in the EU grew by a quarterly rate of 2.1% in the third quarter of this year, according to preliminary estimates from Eurostat.

Austria experienced the strongest increase in activity, recording an economic growth rate of 3.9%. France and Portugal were next, with their economies expanding by 3% and 2.9%, respectively.

Household consumption mainly led to the increase in production in the region, increasing by 4 percent, accelerating from the 3.7 percent expansion in the previous quarter.

Government final consumption expenditure increased by 0.3% while gross fixed capital formation decreased by 0.6%.

At the same time, employment growth reached 0.9% in the third quarter of 2021 compared to the previous quarter.

In addition, the eurozone’s economic sentiment indicator improved 0.9 points in December to 26.8 points, said Zew, a German economic policy institute.

However, the outlook was different for Germany, as its sentiment indicator fell 1.8 points to 29.9 points. The deterioration caused by the pandemic, along with supply chain disruptions, is pulling the German economy down, the Mannheim-based company noted.

Economic expectations have also fallen, signaling that expectations for healthy short-term growth are not picking up.

In addition, the country’s industrial production grew by a monthly rate of 2.8% in October, according to preliminary estimates from the German Federal Statistical Office.

In particular, the production of capital goods expanded by 8.2% while the production of intermediate goods fell by 0.4%.

Japanese household spending

Household spending in Japan continued to decline, year on year, for the third consecutive month. This has been attributed to weak consumer sentiment who is still recovering from the pandemic.

Spending in the sector fell by an annual rate of 0.6 percent in October, from a decline of 1.9 percent the month before.

The country’s government recently introduced a $ 490 billion stimulus package to stimulate the economy, unlike other countries which are starting to cut spending programs, Reuters reported.

Australian monetary policy

The Australian central bank has kept its monetary policy and interest rates unchanged. The decision was prompted by concerns about omicron, the new variant of the coronavirus.

The country’s interest rate remained at 0.1%, according to Bloomberg. The bank has said it will raise interest rates when inflation hits its 2-3 percent target.

The bank added that the labor market and the economy are experiencing recoveries.

China’s trade

Both exports and imports to China grew 22% and 32% each year in November compared to the previous year, reaching all-time highs.

Yet export growth has slowed due to weakening demand and rising costs.

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