Qatar Overcomes Negative Consequences Of Blockade Imposed By Neighbors - Central Bank

Qatar has overcome negative economic consequences of the economic blockade imposed by neighboring countries and has a budget with a surplus of 7.1 billion Qatari rials (some $2 billion) in 2018, Governor of Qatar Central Bank Sheikh Abdulla Bin Saoud Al-Thani said on Tuesday.

DOHA (UrduPoint News / Sputnik - 11th December, 2018) Qatar has overcome negative economic consequences of the economic blockade imposed by neighboring countries and has a budget with a surplus of 7.1 billion Qatari rials (some $2 billion) in 2018, Governor of Qatar Central Bank Sheikh Abdulla Bin Saoud Al-Thani said on Tuesday.

Last year, the blockade introduced by neighboring Arab states resulted in the Qatari budget deficit of 35 billion rials.

"We have managed to reach the budget surplus of 7.1 billion rials within first six months of this year despite the unfair blockade imposed on Qatar," Al-Thani told reporters.

The Central Bank's governor pointed out that the country's economy was stronger than it had been before the blockade.

According to Al-Thani, the real GDP growth amounts to 2.5 percent this year compared to 1.6 percent in 2017. At the same time the inflation rate remained unchanged, amounting to 1 percent.

Qatar has been under a diplomatic and economic blockade since June 2017, when the United Arab Emirates, Saudi Arabia, Bahrain and Egypt, among others, severed diplomatic relations and communication with Doha, accusing it of supporting terrorism and interfering in their internal affairs. Qatar has refuted the allegations.