Qatar announces 2024 budget based on lower oil price assumption


Qatar recently approved its 2024 budget with revenue estimated to decrease 11.4% due to lower oil prices. The new budget aligns with the States plans to achieve economic diversification within the framework of the Qatar National Vision 2030.

As a result, there is considerable focus on development of human capital most notably in the health and education sectors. Consequently, funding for the two key sectors equals 20% of the total budget. Another key area for development is the communications and information technology sector, which has seen a 200% increase compared to 2023. This huge increase confirms Qatar’s commitment to foster a knowledge-based and innovative economy.

In terms of numbers, Qatar National Agency (QNA) reported that total annual revenue is estimated to be QAR 202 billion (USD 55.49 billion) and spending at QAR 200.9 billion (USD 55.2 billion). This includes a deficit of QAR 6.2 billion (USD 1.7 billion), which is expected to be covered from the 2023 surplus gained from soaring global oil and gas prices.

Importantly Qatar's non oil revenue is forecasted to increase 2.4% to QAR 43 billion (USD 11.81 billion), while oil and gas is estimated to decrease 14.5% to QAR 159 billion (USD 43.7billion).

The State is taking a more conservative approach to its 2024 budget, with an oil price assumption of $60 per barrel instead of $65 per barrel as in 2023. This is a result of estimates from international institutions including the U.S. Energy Information Administration (EIA) and Goldman Sachs who both predicted Brent oil would average between $70 and $90 per barrel.

Business Start Up Qatar offers a network of experts and specialists within the lifecycle of a business. We can offer expertise in Market Research and Assessment Qatar, Qatar Business Case, Qatar Business Model Development, Feasibility Study and Business Plan Qatar, Organizational and Operational Structuring Qatar, Qatar Sponsorship and Partnership, Company Formation Qatar among others.

Please click on the link to learn more about opportunities and possibilities in the State of Qatar as well as the initiatives of Business Start Up Qatar.

Other News

BSUQ News 56 - Thumb

Invest Qatar partners with Deloitte to launch digital skills report

Invest Qatar in collaboration with Deloitte has launched a joint report titled ‘Qatar's Digital Frontier: Mapping the Future of Skills.’

The comprehensive study delves into the [significance of...

Read more
BSUQ News 55 - Thumb

Qatars Government prioritising environment and biodiversity

Qatars government has introduced several environmental initiatives to preserve the ecosystem, recyle water and enhance biodiversity.

Such initiatives are nature based solutions (Nbs) and focus heavily...

Read more
BSUQ News 54 - Thumb

Qatar welcomes over 2 million visitors in first quarter 2024

Qatars Ministry of Tourism announced the State attracted over 2 million tourists in the first four months of 2024 during the recent Qatar Economic Forum.

The impressive figures were revealed during...

Read more
BSUQ News 53 - Thumb

Qatar continues to focus on economic diversification

Qatar is successfully progressing with its economic diversification plans by targetting four key sectors, namely logistics, Information and Communications Technology (ICT), manufacturing and tourism.


Read more
BSUQ News 52 - Thumb

Qatar's New Real Estate Law Boosts Investment Climate

Qatar's real estate sector is undergoing a transformative phase with the recent issuance of Law No. 5 of 2024 related to real estate registration.

This landmark legislation aims to regulate the sector...

Read more
BSUQ News 51 - Thumb

Qatar Foundation funds over 4,800 projects since 2007

Qatar Foundation (QF) has been leading Qatar’s efforts to diversify the economy and transform the nation into a knowledge based society.

Across the fields of IT, energy, environment and healthcare,...

Read more
BSUQ News 50 - Thumb

Qatar focused on developing the healthcare sector

Qatar`s healthcare sector is expected to increase at a compound annual growth rate (CAGR) of 5.2 percent by 2028 according to data by Fitch Solutions.

Analysts predict such figures based on recently...

Read more
BSUQ News 49 - Thumb

Qatar's gateway for global talent: The Mustaqel Visa

Qatar is set to revolutionise its labour market with the launch of the Mustaqel Visa, a groundbreaking five-year renewable residency permit designed for international entrepreneurs, exceptional talents...

Read more

Page Break