Qatar, the world’s second-largest LNG exporter, has recorded a budget surplus of QR 1.4 billion ($384 million) in the fourth quarter of 2023, according to official figures.
The GCC country’s revenue for this period fell 10% to 55.6 billion riyals from the previous quarter, while public spending rose 8.9% to QR 54.2 billion, the Ministry of Finance said in a press release.
The Q4 budget surplus took the country’s total surplus to QR 43.1 billion, which was used to reduce public debt, the ministry added, stating there would not be a cash surplus.
The official figures published by the Ministry of Finance showed that the country’s tot
The country’s total public spending during this period, of QR 54.2 billion, was mostly directed towards salaries and wages (QR 16.9 billion) and general current expenditure (QR 17.8 billion). Qatar’s major capex amounted to QR 17.7 billion, while its minor capex was QR 1.8 billion.
The figures were a result of an average oil price of $82.9 per barrel between October and December of 2023.
Earlier this year, Qatar Investment Authority (QIA), the country’s sovereign wealth fund, announced its plans to launch its first venture capital (VC) Fund of Funds, a strategic investment program to foster innovation in Qatar.
In January, Qatar announced it had signed a collaboration agreement with the World Economic Forum (WEF) to establish a Center for the Fourth Industrial Revolution (C4IR) in the country. The primary focus of the centre will be sustainable development and economic competitiveness, in line with Qatar’s national priorities and Vision 2030, officials said
