The state’s overall revenues will increase by 43 per cent to from QR72.4bn, according to the state-owned Qatar News Agency.

Spending is forecast to rise by 46 per cent to QR95.9bn, compared to the QR65.7bn forecast in the past year. No figures for actual spending for last year were given.

The state has based this year’s budget on an average oil price of $55 per barrel of crude compared with $40 a barrel last year. West Texas Intermediate oil was trading at $101 on 1 April.

Last month Qatar forecast gross domestic product (GDP) growth of 15.5 per cent this year, compared with 12.5 per cent in 2007, largely due to increased energy export revenues (MEED 27:3:08).