Last December, Qatar announced the country’s 2024 budget of QAR 202 billion (around $54.5).

Qatar’s 2023 budget recorded a surplus of QAR 43.1 billion (over $11.8 billion), with the amount being directed to reduce public debt, the Gulf state’s Ministry of Finance announced on Monday.

“The State Budget recorded a surplus of QR 1.4 billion in Q4 of 2023, and the surplus was directed to reducing public debt, and therefore there is no cash surplus,” the ministry explained.

The ministry’s figures provided an overview of Qatar’s economic performance during the entirety of 2023. 

Doha had announced an initial budget surplus of QAR 29 billion (over $7.9 billion), which it planned on using to reduce public debt, maintain the reserves of the Qatar Central Bank, and raise the capital of the Qatar Investment Authority.

The first quarter of 2023 saw the highest surplus of QAR 19.7 billion ($5.4 billion), followed by QAR 12 billion (nearly $3.3 billion) in the third quarter, and QAR 10 billion ($2.7 billion) for the second quarter.

The total budget revenues for the fourth quarter of 2023 also reached QAR 55.6 billion (over $15.2 billion). 

Out of the total figure, QAR 51 billion ($14 billion) were from oil revenues whereas QAR 4.6 billion ($1.2 billion) came from non-oil revenues, representing a 10 percent drop from the third quarter.

The total public spending also reached QAR 54.2 billion (over $14.8 billion), marking an 8.9 percent increase in comparison to the third quarter of 2023, according to Qatar’s state news agency (QNA).

Out of the total public spending, QAR 16.9 billion ($4.6 billion) went into salaries and wages whereas QAR 17.8 billion (almost $4.9 billion) went into current expenses. 

Last December, Qatar’s Minister of Finance Ali bin Ahmed Al Kuwari announced the country’s 2024 budget of QAR 202 billion (around $54.5).

Meanwhile in 2022, Qatar recorded a budget surplus of QAR 89 billion ($24.34 billion), representing a major increase from 2021, where the figure stood at QAR 1.59 billion ($4.7 million). 

The major figures came as Qatar hosted the 2022 FIFA World Cup, the first-ever country in the region to host the tournament. The same year saw a rise in demand for Qatari gas in light of the Russian war on Ukraine that affected Europe’s fragile gas supply.

Last week, QatarEnergy announced a new expansion project, North Field West, for its liquified natural gas. The expansion would boost the local LNG production to 142 million tonnes per annum before the end of 2030.

The expansion would contribute to boosting Qatar’s economy, with the country already positioned as one of the top leading LNG producers alongside the United States and Australia.