Qatar, the world's largest exporter of liquified natural gas, will run its first budget surplus in three years in 2019 due to higher energy prices, a government statement said Thursday (December 13th).
The surplus will reach 4.3 billion Qatari riyals ($1.2 billion) because of an expected sustained rise in prices, AFP reported.
The statement also said Qatar would delay plans to introduce a value-added tax (VAT), initially anticipated for this year.
But it revealed Doha would introduce a levy on "health-damaging goods" such as sugary drinks and tobacco next year.
"The surplus is a result of higher energy prices in international markets along with increasing non-oil reserves," the statement said.
"The 2019 budget assumes an average oil price of $55/barrel, compared with $45/barrel in the 2018 budget."
Qatar announced earlier this month that it was withdrawing from OPEC, and said its future was reliant on its huge gas reserves.
Spending is also set to increase by almost 2% in 2019, the statement said, as the country prepares to host the 2022 football World Cup.
The new "selective tax" on unhealthy goods includes "a 100% tax on tobacco and its products and energy drinks, and a 50% tax on sugary drinks", the statement said.
