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06-06-23

Qatar Surpasses Two-Thirds of Anticipated Budget Surplus in First Quarter on Strong Oil, Gas Revenues

(MENAFN) Qatar has exceeded more than two-thirds of its projected budget surplus for 2023 in the first three months of the year, thanks to a substantial influx of oil and gas revenues, as revealed by the country's Finance Ministry. The trade balance for Qatar in the first quarter of the year showed a surplus of 19.7 billion Qatari riyals (USD5.4 billion), equivalent to 68 percent of the anticipated budget surplus for the entire year. This marks a significant increase of 70 percent compared to the fourth quarter of 2022, which recorded a profit of 11.6 billion riyals.

During the first three months of 2023, the total revenues reached 68.6 billion riyals, with a substantial portion of 63.4 billion riyals generated from oil and gas revenues. Non-oil revenues accounted for the remaining 5.2 billion riyals during the same period. Previously, it was expected that Qatar would achieve a budget surplus of 29 billion riyals by the end of 2023. These estimates were based on an assumed oil price of USD65 per barrel. However, the first quarter witnessed an average oil price of USD82.2 per barrel, leading to higher revenue and surpassing the initial projections.

The strong performance in the first quarter underscores Qatar's reliance on its thriving oil and gas sector, which continues to contribute significantly to the country's economy. The substantial budget surplus achieved during this period reflects the positive impact of favorable oil prices and increased revenue generation. This surplus is expected to support Qatar's economic stability and provide a solid foundation for future investments and development initiatives.
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