DOHA, QATAR – The Ministry of Finance announced that the budget of Qatar for the second quarter of the year 2023 recorded a surplus of US$2.7 billion (QR 10 billion).
In its briefing on the actual data of Qatar’s budget in the second quarter (Q2) of 2023, the ministry said that surplus would be directed in accordance with the state’s financial policies.
It would also be directed 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 US$18.7 billion (QR 68.4 billion), (0.3 percent lower than the previous quarter). US$7.7 billion (QR 28.2 billion) were non-oil revenues, an increase of 2.2 percent compared to Q1.
The total expenditures in Q2 of 2023 amounted to US$16 billion (QR 58.4 billion) (a 19.3 percent increase compared to Q1). Salaries and wages increased by 12.2 percent in comparison with Q1, while major capital expenditures went up by 29.1 percent.
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 percent, compared to the same period of the previous year, with a total of 1.16 million visitors.