Qatar’s 2024 budget approved: Total revenues to exceed $55 bn

Law will come into effect on January 1, 2024
Qatar’s 2024 budget approved: Total revenues to exceed $55 bn
Projected oil and gas revenue for 2024 is expected to reach QAR159 bn

Qatar’s Emir Sheikh Tamim bin Hamad Al Thani has approved the state’s general budget for 2024’s fiscal year, Qatar News Agency reported. 

The Emir issued Law No. 17 of 2023, stipulating that it will come into effect on January 1, 2024, and will be published in the Official Gazette.

Ali bin Ahmed Al Kuwari, Qatar’s Finance minister, has revealed that the anticipated total revenue of Qatar’s general budget for the fiscal year 2024 is QAR202 billion ($55.4 billion). This projection indicates an approximate decrease of 11.4 percent compared to the total revenue anticipated in the 2023 budget. The budget prioritises education and health projects in the year ahead. 

The Minister attributed the decline in revenues primarily to the decision to adopt an average oil price of $60 per barrel for the fiscal year 2024, instead of $65 per barrel as in 2023. This adjustment takes into account the estimates provided by international institutions regarding oil prices for 2024. in addition, the Minister also emphasized the continued use of a cautious approach when estimating oil and gas revenues.

In a statement, he explained that the projected oil and gas revenue for 2024 is expected to reach QAR159 billion, compared to QAR186 billion in the 2023 budget, resulting in a decrease of 14.5 percent. On the other hand, non-oil revenues for 2024 are projected to be QAR43 billion, indicating an estimated increase of 2.4 percent compared to the previous fiscal year’s budget.

Read more: Steady growth continues: Qatar’s GDP reaches $46.7 bn in Q2

Total expenditure

In comparison to the figures from 2023, the total expenditure for the fiscal year 2024 has increased by approximately 1 percent, reaching QAR200.9 billion. Within this expenditure, allocations for salaries and wages for 2024 have risen by QAR1.5 billion, representing a 2.4 percent increase from 2023, totaling QAR64 billion.

Both current and secondary capital expenditures have experienced growth compared to the previous year, with increases of 6.4 percent and 27.5 percent, respectively.

However, the major capital expenditure budget has seen a decrease of about 8.3 percent in relation to the 2023 budget. This reduction aligns with the completion of several crucial economic and infrastructure projects outlined in the infrastructure plan.

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