Qatar records budget surplus of QAR 43 billion for 2023
24/03/24
Qatar`s Ministry of Finance recently revealed fourth quarter results led to a total budget surplus of QAR 43.1 billion (USD 11.84 billion) for the last fiscal year.
Data revealed that during the fourth quarter of 2023, a surplus of QAR 1.4 billion (USD 385 million), was realised. Furthermore the Ministry of Finance revealed that the surplus was directed to reducing public debt, resulting in no cash surplus.
Additionally, it indicated that the total budget revenues for the fourth quarter of 2023 amounted to QAR 55.6 billion (USD 15.27 billion). In terms of breakdown, QAR 51 billion (USD 14 billion) was attributed to oil revenues while QAR 4.6 billion (USD 1.26 billion) were non-oil revenues.
Further Ministry of Finance data showed that total public spending during the fourth quarter amounted to about QAR 54.2 billion (USD 14.9 billion), representing an increase of 8.9 percent compared to the previous quarter. Notably, salaries and wage expenses accounted for QAR 16.9 billion (USD 4.64 billion) and current expenses were QAR 17.8 billion (USD 4.9 billion). Moreover capital expenditure accounted for QAR 16.9 billion (USD 4.64 billion), of which the largest amount was QAR 17.7 billion (USD 4.86 billion) and the share of secondary capital expenditure was QAR 1.8 billion (USD 49 million).
Comparing the data, the total surplus of QAR 43.1 billion (USD 11.84 billion) can be broken down into the following quarters. The huge sum of QAR 19.7 billion (USD 5.41 billion) for the first quarter, the second quarter returned QAR 10 billion (USD 2.75 billion) followed by the third quarter with QAR 12 billion (USD 3.3 billion) and QAR 1.4 billion (USD 38 million)for the fourth quarter. The State recently released its 2024 budget, which focuses on the human capital, health and education sectors and is based on a lower oil price assumption.
The Ministry stated the budget surplus gained the third quarter would be directed to repay government debts and enhance reserves, while the second quarter surplus would be directed to reducing public debt and raising reserves of the Qatar Central Bank and the Qatar Investment Authority.
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