The Qatari Ministry of Finance said on Sunday that the general budget in Qatar, the second largest exporter of liquefied natural gas in the world, recorded “in the first quarter of 2024 a surplus of 2.0 billion Qatari riyals ($548.9 million), and the surplus will be directed to reducing public debt.” “Therefore, there is no cash surplus.”
The ministry added, “Total revenues for the first quarter of 2024 amounted to about 53.4 billion Qatari riyals, a decrease of 22.1%, compared to the first quarter of the previous year.”
It stated that total public spending amounted to about 51.4 billion Qatari riyals, representing an increase of 5.0%, compared to the first quarter of the previous year.
At the beginning of this month, Qatari government estimates showed that the country’s real gross domestic product increased by 1.2% on an annual basis in the third quarter of 2023, and increased by 4%, compared to the second quarter of last year.
The Planning and Statistics Authority in Qatar stated that its estimate of the gross domestic product under fixed prices and adjusted for inflation amounted to 177.3 billion riyals ($48.7 billion) in the third quarter of last year, compared to estimates for the same quarter in 2022 that amounted to 175.2 billion riyals ($48.12 billion).
Qatar announced a budget surplus of 1.4 billion riyals ($384.5 million) in the last quarter of 2023, and used it to reduce public debt.
Qatar remains heavily dependent on natural gas revenues for government income, despite efforts to diversify economic sectors and revenue sources.
A poll conducted by Reuters last April for the opinions of economists expected Qatar’s GDP to grow by 2.2% in 2024, 2.9% in 2025, and 5% in 2026.
The International Monetary Fund expects average growth in the Gulf region to reach 2.4% in 2024, which is slightly lower than a Reuters poll forecast of 2.5%.
