Qatar’s Ministry of Finance has announced a robust budget surplus of QAR43.1 billion ($11.84 billion) for the year 2023, reflecting the country’s resilient economic performance. The ministry also announced that the country’s budget for the fourth quarter of 2023 recorded a surplus of QAR1.4 billion. The surplus, directed towards reducing public debt, underscores Qatar’s commitment to fiscal and financial stability amidst global economic challenges.
Quarterly budget distribution
The first quarter of 2023 witnessed the highest budget surplus of QAR19.7 billion. In quarter two, Qatar recorded a budget surplus of QAR10 billion. In quarter three, it recorded a budget surplus QAR12 billion. Finally, in the last quarter, Qatar recorded the lowest surplus of QAR12 billion.
The Ministry of Finance noted that it will utilize the budget surplus of quarter three to repay government debts and enhance reserves. Meanwhile, it will use the surplus of quarter two according to the state financial policies including reducing public debt, raising the Qatar Central Bank’s reserves, and enhancing the savings of future generations through the Qatar Investment Authority.
Revenue and spending breakdown
Total revenues in Qatar’s budget for the fourth quarter of 2023 reached QAR55.6 billion, with oil revenues accounting for QAR51 billion and non-oil revenues at QAR4.6 billion. Despite a 10 percent drop in non-oil revenues compared to the previous quarter, total expenditures increased by 8.9 percent to QAR54.2 billion. Notable allocations include QAR16.9 billion for salaries and wages and QAR17.8 billion for current expenses. Meanwhile, secondary capital expenditures amounted to QAR1.8 billion and major capital expenditures amounted to QAR 17.7 billion.
The State Budget recorded a surplus of QR 1.4 bn in #Q4_2023, and the surplus was directed to reducing public debt, and therefore there is no cash surplus.#MOFQATAR pic.twitter.com/CmDPWUub4B
— وزارة المالية (@MoF_Qatar) March 4, 2024
Read: Saudi Arabia’s non-oil sector activity rises at the quickest rate in five months
2022 budget
In 2022, Qatar recorded a budget surplus of QAR89 billion ($24.34 billion) which is a major increase compared to 2021 where the figure stood at QAR1.59 billion ($4.7 million). The 2022 FIFA World Cup supported that increase in 2022. The same year saw an increase in demand for Qatar’s gas due to regional tensions in Russia which affected Europe’s gas supply.
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