The Ministry of Finance reported Wednesday on X a significant budget surplus for the second quarter of 2024, amounting to QAR 2.6 billion.

In the second quarter of 2024, the state’s general budget recorded a surplus of 2.6 billion Qatari Riyals (QAR), the Ministry of Finance reported on X on Wednesday.

The second quarter of 2024 saw total budget revenues reach QAR 59.9 billion. Oil and gas revenues contributed QAR 41.1 billion and non-oil revenues amounted to QAR 18.7 billion.

Total spending during the second quarter reached approximately QAR 57.3 billion, including salaries and wages and current expenditures. Secondary capital expenditures amounted to QAR 1.3 billion, and major capital expenditures reached QAR 18.1 billion—a 1.8% decrease from this time last year.

Qatar aims to accelerate its economic development at an average annual rate of 4% until 2030. To achieve this, the country is implementing several strategies including expanding gas production, supporting sectors that contribute to financial diversification, and creating specialized economic clusters.

The surplus will be strategically utilized to reduce public debt according to the finance ministry.