The Ministry of Finance announced today that the budget of the State of Qatar for the first quarter of the year 2023 achieved a surplus of 19.7 billion riyals.
In its briefing on the actual data of Qatar’s budget in the first quarter of 2023, the ministry stated that the 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.
She indicated that the total expenditures in the same quarter of 2023 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.
Data from the Ministry of Finance indicated that the actual average oil price during the aforementioned quarter amounted to $82.2 per barrel, which is higher than the estimated price in Qatar’s budget for the year 2023, which amounts to $65 per barrel.
The ministry’s estimated data for the state’s general budget for the year 2023 had estimated the surplus at 29 billion riyals for the entire year 2023, which means that about 68 percent of this amount has already been achieved for the first quarter of 2023 only.
His Excellency Mr. Ali bin Ahmed Al Kuwari, Minister of Finance, stated when issuing the State of Qatar’s budget for the fiscal year 2023 that the surplus will be directed to paying off public debt, supporting the reserves of the Qatar Central Bank, and increasing the capital of the Qatar Investment Authority.
His Excellency pointed out at the time that the average oil price is $65 per barrel, on the basis of which the general budget for the year 2023 was built, is a conservative price adopted by the Ministry of Finance as part of its strategy to ensure the ability to allocate financial resources for existing commitments expected during the year, and to finance programs and projects of the national development strategy.
