Doha, Qatar – Qatar’s budget for the fiscal year of 2022 saw a surplus of QR 89 billion ($24 billion), a 5462.5 percent increase compared to the surplus of 2021, which was less than QR 1.6 billion ($0.43 billion).
The surplus for Q4 of 2022 was QR 11.6 billion ($3.18 billion), compared to a deficit of QR 3.3 billion ($0.90 billion) in the same quarter of 2021. Total revenues for the quarter came in at QR 65.1 billion ($18 billion), compared to QR 51.5 billion ($14 billion) in the same period last year. Oil and gas revenues were QR 59.3 billion ($16 billion), compared QR 44.7 billion ($12 billion) in the corresponding period of 2021.
Total expenditures for the quarter came at QR 53.5 billion, compared to QR 54.8 billion in Q4 of 2021. Wages were QR 15.4 billion, compared to QR 15 billion in the same period of last year.
Current expenditures were QR 19.3 billion for the quarter, compared to QR 16.1 billion in the same quarter of the previous year.
Minor capital expenditure were QR 1.4 billion, compared to QR 1.1 billion in Q4 of 2021. Expenditures tied to major projects were QR 17.4 billion in 2022, compared to QR 22.6 billion in the same period of 2021.
Estimates when the 2022 budget was first approved were of a deficit of QR 8.3 billion.
Minister of Finance Ali bin Ahmed Al Kuwari said that the deficit was a result of the expenses related to hosting the World Cup, including security and all events accompanying the FIFA World Cup Qatar 2022.
2022’s large surplus brings to mind similar high levels achieved in 2012 (QR 77 billion), 2013 (QR 106.3 billion), and 2014 (QR 108.6 billion riyals), mainly due to the control over expenditures and the rise in revenues as oil prices recovered.