Qatar announces 2024 budget based on lower oil price assumption

31/12/23

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.

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