Skip to content Skip to Search
Skip navigation

Qatar to use $549m budget surplus to reduce debt

Man looks out at Doha's skyline. Qatar's debt as a percentage of GDP is expected to be just over 37% in 2024 Unsplash/Florian Wehde
Qatar's debt as a percentage of GDP is expected to be just over 37% in 2024
  • Surpluses forecast until 2030
  • LNG production rising
  • Total Q1 revenue down 22%

Qatar recorded a budget surplus of QAR2 billion ($549 million) in the first quarter of 2024, its finance ministry has announced.

The ministry said the surplus would be used to reduce public debt, according to the state-run Qatar News Agency.

Total revenue was QAR53.4 billion ($14.7 billion) in Q1, down 22 percent year on year. Oil revenue made up QAR47.3 billion ($13 billion) of the total for Qatar, which is one of the world’s largest LNG exporters.

Total expenditure amounted to QAR51.4 billion ($14 billion) in Q1, up 5 percent year on year.

The country’s GDP is forecast to be almost $245 billion this year, according to the International Monetary Fund.

Its government gross debt as a percentage of GDP is expected to drop to just over 37 percent in 2024, almost half the figure for 2020, according to the latest IMF World Economic Outlook.

Qatar is expected to record budget surpluses until 2030, driven by an increase in gas production at the North Field Expansion project, according to Fitch Ratings.

Ali bin Ahmed Al Kuwait, Qatar’s minister of finance, said earlier this month that Doha wants to grow its non-hydrocarbon economy by 4 percent a year – but also plans to increase LNG production by 85 percent to 142 million tonnes a year by 2030. 

Mohammed bin Abdulrahman Al Thani, Qatar’s prime minister, highlighted the country’s diversification strategy in a speech to the Qatar Economic Forum this month. Its wealth fund, the Qatar Investment Authority, would invest in Central Asia and Africa, he said.

“We invest everywhere in the world where there is a high return,” the PM added.

Latest articles

More than 24 million people visited the World Expo event at Expo City Dubai between October 2021 and March 2022

Construction begins at Expo City Dubai site

Construction has begun on the first residential properties at Expo City Dubai, part of a mixed-use master plan to repurpose the legacy site after the world fair came to a close two years ago. Master developer Expo City Dubai announced last week that it has awarded four key contracts for its Mangrove Residences. UAE-based USF […]

OTB Group has a presence in Dubai with its Maison Margiela store in the Dubai Mall

Chalhoub Group in venture with Italian luxury brand

Luxury distributor Chalhoub Group has entered into a joint venture with Italian fashion conglomerate OTB Group to expand the brand’s footprint in the Gulf. OTB (which stands for Only The Brave) owns the Diesel, Jil Sander, Maison Margiela, Marni and Viktor&Rolf brands, the Staff International and Brave Kid companies, and holds a stake in the […]

Arid conditions brought about by the drought in Morocco are affecting the cost of sheep

Drought pushes up sheep price for Eid in Morocco

The price for a sheep in Morocco for the annual sacrifice at Eid al-Adha has increased on average at 10 times the 2.2 percent rate of inflation. A medium-sized female sheep costs MAD4000 ($400) as opposed to MAD3000 last year. This puts it out of range for many families in the country where a high […]

Countryside, Farm, Field

Oman to build agricultural city to enhance food security

Oman will build an agricultural city as part of its food security initiative, a news report said. Saham Agricultural City will cover an area of 65 sq km, with 70 percent dedicated to agriculture and 30 percent to urban development, Oman Daily Observer reported. The city will use advanced technologies such as hydroponics, aeroponics and […]