Qatar’s Surplus Jumps 40% to 19 Billion Riyals in Q1

Qatar’s general budget surplus in Q1 of 2023 increased by 40% on an annual basis to 19 billion riyals, which represents 9% of the Gulf state’s gross domestic product, according to Qatari Finance Minister Ali Al-Kuwari.

Qatar's budget for the current year estimated a surplus of 29 billion riyals, with expected revenues of 228 billion, and expenditures of 199 billion, calculated on a reference price of oil at $65 a barrel.

Qatar's budget surplus for the year 2022 amounted to more than 89 billion riyals, supported by higher revenues from crude oil and liquefied natural gas.

Qatar is working to use its financial surpluses to pay off the public debt, which amounts to about 42% of GDP, support the reserves of the Qatar Central Bank, amounting to about $65 billion, and strengthen the assets of the Qatar Investment Authority, amounting to $475 billion.

Qatar's economy grew in 2022 by 4.8%, supported by the non-oil sector and hosting the World Cup, while inflation recorded a record high of about 5%, according to the data of the Qatar Planning and Statistics Authority.