It reached 41.7 billion riyals within 9 months
The 2023 budget is heading towards achieving a strong surplus
2:02 AM, Saturday, December 23, 2023
Doha – Mahmoud Abdel Halim:
The 2023 general budget, which will continue until the end of this month, is heading towards achieving a strong surplus exceeding 50 billion riyals, according to observers’ estimates and based on the average oil prices in the last quarter of the year, and the surplus achieved until the end of September of this year. The state’s general budget achieved a strong performance during the first nine months of the current year 2023 (from the beginning of January until the end of September).
During Al-Raya’s monitoring, the total surplus amounted to 41.7 billion riyals. Total revenues amounted to 198.8 billion riyals, while total expenses amounted to 157.1 billion riyals, according to quarterly statistics on the Ministry of Finance website. According to a statement by the Ministry earlier, the surplus achieved from the budget will be directed according to the financial policies targeted by the state, which are reducing public debt, raising the reserves of the Qatar Central Bank, and enhancing the savings of future generations through the Qatar Investment Authority.
First quarter
The State of Qatar’s budget for the first quarter of 2023 achieved a surplus of 19.7 billion riyals. Total revenues for this quarter amounted to 68.6 billion riyals, of which 63.4 billion riyals were oil and gas revenues, while non-oil revenues amounted to 5.2 billion riyals. Total expenses in the same quarter amounted to 48.9 billion riyals, of which 15.6 billion riyals were for salaries and wages and 17.3 billion riyals for current expenses, while secondary capital expenditures amounted to 1 billion riyals, and major capital expenditures amounted to 15.1 billion riyals. The actual average price of oil during the aforementioned quarter was $82.2 per barrel, which is higher than the estimated price in Qatar’s budget for the year 2023, which is $65 per barrel.
Second quarter
The State of Qatar’s budget for the second quarter of 2023 achieved a surplus of 10 billion riyals. Total revenues for the second quarter amounted to 68.4 billion riyals, representing a decrease of 0.3%, compared to the previous quarter, while total non-oil revenues for the same quarter amounted to about 28.2 billion riyals, representing an increase of 2.2%, compared to the same quarter of last year. Total expenses during the second quarter of 2023 amounted to about 58.4 billion riyals, representing an increase of 19.3%, compared to the previous quarter, as salaries and wages expenses increased by 12.2%, compared to the last quarter, in order to increase employment during the second quarter of this year. Major capital expenditures also recorded an increase of 29.1%, compared to the previous quarter, and this increase was attributed to the completion of many infrastructure projects, in addition to the awarding of new projects, and the approval during the same annual quarter of a number of projects worth 3.9 billion riyals.
The average oil price during this period reached $77.7 per barrel.
Third quarter
The State of Qatar’s budget surplus for the third quarter of this year amounted to 12 billion riyals. While total revenues for this quarter amounted to 61.8 billion riyals, of which 56.7 billion riyals were oil revenues, and 5.1 billion riyals were non-oil revenues. Total expenses during the third quarter amounted to 49.8 billion riyals, including 14.9 billion riyals for “salaries and wages” expenses, and 17.5 billion riyals for major capital expenditures, while current expenses amounted to 16.3 billion riyals and secondary capital expenditures amounted to 1.1 billion riyals . The actual average oil price is estimated at $85.9 per barrel.
