Qatar Records $2.7 Billion Q2 Budget Surplus
Qatar’s Ministry of Finance has announced that the national budget for the second quarter of the year recorded a surplus of QR10bn ($2.7bn).
In its briefing on the budget in the second quarter (Q2) of 2023, the ministry said that surplus would be directed in accordance with the State’s financial policies, towards reducing public debt, raising the reserves of the Qatar Central Bank, and enhancing the savings of future generations through the Qatar Investment Authority.
The ministry said that the total revenues for this quarter amounted to QR68.4bn ($18.8bn), 0.3 per cent lower than the previous quarter.
QR28.2bn ($7.7bn) were non-oil revenues, an increase of 2.2 per cent compared to Q1.
The total expenditures in Q2 of 2023 amounted to QR58.4bn ($16bn), This represents an increase of 19.3 per cent compared to Q1.
Salaries and wages increased by 12.2 per cent in comparison with Q1, while major capital expenditures went up by 29.1 per cent.
The non-oil sector returned to its normal levels after growing significantly in the fourth quarter of 2022 as a result of the events related to the FIFA World Cup Qatar 2022.
The sector continued to grow as a result of the positive momentum that resulted from this huge sporting event.
Qatar saw a significant increase in the number of incoming tourists in the first quarter of 2023 after the FIFA World Cup Qatar 2022, recording an increase of 268 per cent, compared to the same period of the previous year, with a total of 1.16m visitors.
