Qatar achieves a surplus of $712 million in its budget in the second quarter | Economy

Qatar announced on Wednesday that its budget achieved a surplus of 2.6 billion riyals ($712.2 million) during the second quarter of this year.

The Qatari Ministry of Finance said, in a statement via its official account on the “X” platform regarding the actual data for Qatar’s budget in the second quarter of 2024, that “the surplus will be directed to reducing public debt and therefore there is no cash surplus.”

Revenue and Expenses

The Ministry indicated that:

• Total revenues for the second quarter of 2024 amounted to approximately SAR 59.9 billion ($16.4 billion), of which SAR 41.1 billion ($11.25 billion) were oil and gas revenues, while non-oil revenues amounted to SAR 18.7 billion ($5.12 billion), a decrease of 12.4% compared to the second quarter of 2023.
• Total public spending during the second quarter of this year amounted to about 57.3 billion riyals ($15.7 billion), of which 16.5 billion riyals ($4.27 billion) were for salaries and wages, and 21.2 billion riyals ($5.8 billion) for current expenditures, while secondary capital expenditures amounted to 1.3 billion riyals ($356 million), and major capital expenditures amounted to 18.1 billion riyals ($5 billion), representing a decrease of 1.8% compared to the second quarter of 2023.

The state’s general budget recorded a surplus of 2.6 billion Qatari riyals in the second quarter of 2024. The surplus will be directed to reducing public debt, and therefore there is no cash surplus.#Qatar_General_Budget pic.twitter.com/IABpwCbUYp

— Ministry of Finance (@MoF_Qatar) July 31, 2024

First Quarter

Qatar achieved a surplus of 2 billion riyals ($548.9 million) during the first quarter of this year, which was also directed to reducing public debt, according to data announced by the Ministry of Finance last May.

The ministry said at the time, “Total revenues for the first quarter of 2024 amounted to about 53.4 billion riyals ($14.62 billion), a decrease of 22.1%, compared to the first quarter of the previous year.”

She stated that total public spending amounted to about 51.4 billion riyals ($14.07 billion), representing a 5% increase, compared to the first quarter of the previous year.