IMF Expects Qatar's Budget Surplus to Grow 57.6% in 2023

Qatar

The International Monetary Fund (IMF) expects the State of Qatar's budget surplus to grow 57.6 percent in 2023 to QR 70.3 billion, compared to QR 44.6 billion forecast for 2022.

The IMF's staff reports estimated that the State of Qatar's expenditures for 2023 would be relatively stable at QR 236 billion, compared to QR 235.4 billion in 2022. The State of Qatar's fiscal budget set the price of oil at an average price of $55 a barrel. Expenditures were set at QR 204 billion compared to revenues of QR 196 billion, a deficit of QR 8 billion.

IMF Expects #Qatar's Budget Surplus to Grow 57.6% in 2023. #QNA #Economyhttps://t.co/5Xq45KighN pic.twitter.com/M0fMEKhcUa

— Qatar News Agency (@QNAEnglish) August 14, 2022

The IMF forecast state revenues to rise 9.4 percent to QR 306.3 billion, compared with QR 280 billion forecast for 2022. The increase was driven primarily by growth in investment income from public enterprises from QR 82.3 billion expected in 2022 to QR 121.4 billion next year. IMF also expects Qatar to generate QR 54 billion in revenue from oil, and QR 73.3 billion from LNG in 2023.

The state's budget recorded a surplus of QR 13.6 billion, thanks to growth in the oil sector.

(QNA)