Record high energy prices and strong volume growth have in recentyears bolstered Qatar's financial position. According to BMI estimates,the country's oil and gas export revenue totalled US$103bnin 2011, which corresponds to unparalleled 54.4% y-o-y growth. Weforecast these revenues to continue to rise at an extremely fast paceuntil 2015 when they will peak at US$118bn. The country's hydrocarbonsbonanza has generated a massive current account surplus whichwe estimate came in at QAR193.4bn (US$193.4bn) – or 36.8% ofGDP – in 2011. BMI believes that the country's current accountsurplus will average 31.2% over the 2012-2015 period (see BMI'sRecord Surplus To Spur Further Capital Outflows, March 5 2012).
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