Qatar records a nine-month budget surplus of QR4.9bn

November 9, 2021

1 minute read

Qatar records a nine-month budget surplus of QR4.9bn

Doha: The Ministry of Finance reported yesterday that the first three-quarters of 2021 of Qatar ended with a budget surplus of QR4.9bn. During the third quarter of this year, the budget surplus was QR0.9bn.

Revenue in the third quarter of Qatar reached QR47bn due to higher-than-expected oil prices and represented 29.3 percent of the total 2021 budget. In Q3-2021, total public expenditures reached QR46.1bn, which was largely in line with the budget.

Compared to the previous quarter, major project spending increased by 9.1 percent. Various projects resulting in large instalment payments were responsible for the increase expected. QR2.9bn worth of brand-new projects were awarded during the third quarter of 2021.

In the third quarter of 2021, total public debt increased by 3.3 percent to QR383bn. A QR10.2bn new domestic issuance accounted for the increase. There was a QR0.6bn redemption of external debt during the third quarter. There was no new external issuance for the period, except for an incremental ECA drawdown.

Q3-2021 revenue totalled QR47bn, which represents a 6.2 percent decrease compared to Q3-2020. In the second quarter of 2021, the significant non-oil share of revenue budgeted for 2021 was realized before corporate income taxes were collected.

In response to higher oil prices, total revenues from oil and gas amounted to QR41.2bn, a 34.6 percent increase over the same period last year. Q3-2021 non-oil revenue was QR5.7bn, which represents 14.9% of the budget for 2021.

The non-oil revenues have reached QR30.5bn year-to-date, and they are expected to reach QR6.5bn in the fourth quarter of 2021, leaving total non-oil revenues for the year at QR37bn. The third quarter of 2021 saw relatively stable public expenditures of QR46.1 billion, a decrease of 0.3 percent from the previous quarter.

The overall public debt level increased by 3.3 percent in the period ending September 30, 2021. QR 10.2bn of domestic issuance led to the increase. By the end of Q3-2021, the total public debt reached QR383bn.