Qatar’s Ministry of Finance announced that the country’s budget for the second quarter of 2024 recorded a surplus of QAR2.6 billion ($711.58 million).
The surplus was directed towards reducing public debt, and therefore there is no cash surplus, the Ministry stated on their official platform.
Read more: Qatar real estate sector sees 285 deals worth $304.1 million in June 2024
سجلت الموازنة العام للدولة في الربع الثاني من عام 2024 فائضاً قدره 2.6 مليار ريال قطري، وسوف يتم توجيه الفائض لتخفيض الدين العام وبالتالي لا يوجد فائض نقدي.#الموازنة_العامة_قطر pic.twitter.com/IABpwCbUYp
— وزارة المالية (@MoF_Qatar) July 31, 2024
The total budget revenues for Q2 2024 amounted to QAR59.9 billion ($16.39 billion), of which QAR41.1 billion were derived from oil and gas revenues, while non-oil revenues accounted for QAR18.7 billion, reflecting a 12.4 percent decrease compared to Q2 2023.
The total expenditures during Q2 2024 amounted to approximately QAR57.3 billion, of which QAR16.5 billion were allocated for salaries and wages, and QAR21.2 billion for current expenditures. Secondary capital expenditures reached QAR1.3 billion, and major capital expenditures amounted to QAR18.1 billion, representing a 1.8 percent decrease compared to Q2 2023.
In June 2024, Qatar’s non-oil private sector growth witnessed a spike, according to the latest Purchasing Managers’ Index (PMI) survey data from the Qatar Financial Centre (QFC) compiled by S&P Global.
Output increased at the fastest rate in a year and a half, as new business growth accelerated. Companies continued to expand employment and the 12-month outlook remained strong. Inflationary pressures were muted, with input prices rising only slightly since May and prices charged for goods and services falling.
The headline Qatar Financial Centre PMI reached 55.9 in June, up from 53.6 in May, signaling the strongest improvement in business conditions in the non-oil private sector since July 2022.
For more news on banking & finance, click here.
