Data released from Qatar’s finance ministry shows that Q3 saw notable growth in the country’s total revenue.

Qatar’s Ministry of Finance revealed data that showed the country had recorded a budget surplus of 0.9 billion riyals ($247 million) for the third quarter (Q3) of 2021.

Total revenue for Q3 grew 20.6% year-on-year to reach 47 billion riyals. This was due to a significant drop in non-hydrocarbon revenue as a substantial share of budgeted non-oil revenue for 2021 was achieved in the second quarter of the 2021.

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Revenue from the country’s energy sector accounted for 87.7% of the total income, while other revenue (14.9%) brought in 5.7 billion riyals. Q3 expenditures stood at 46.1 billion riyals, 16.3 billion riyals of which were spent on major projects, jumping 10.7% from last year.

For the first nine months of 2021, the total budget surplus reached 4.9 billion riyals.

Total expenditure on major projects increased by 9.1 percent compared to the previous quarter. Meanwhile, total public debt increased by 3.3% during Q3 to reach 383 billion riyals.

The total oil and gas revenue amounted to 41.2 billion riyals, which represents a 34.6% increase compared to the same period last year due to higher oil prices.