Qatar’s 2024 budget approved by His Highness the Amir Sheikh Tamim bin Hamad al-Thani clearly aligns with the country’s plans and strategies to support its ongoing economic growth and achieve economic diversification within the framework of the Qatar National Vision (QNV) 2030.
The budget stays focused on developing the national economy as it will benefit all sectors, especially after Qatar’s significant achievements last year, notably the FIFA World Cup Qatar 2022 and the positive impact it had on the overall economy.
The country’s general budget for 2024 continues to focus on achieving the goals of QNV 2030 related to the development of human capital by focusing on the health and education sectors.
The outlay for the two key sectors constitute 20% of the total budget.
This underscores Qatar’s commitment to the development of its nationals, recognising that the development of human capital is vital for the progress of all other sectors, be it economic or social.
The allocation for the communications and information technology sector has seen a 200% increase in the next year’s budget compared to 2023.
The doubling of outlay for the ICT sector compared to last year’s budget, reaffirms Qatar’s commitment to foster a knowledge-based and innovative economy while promoting investments in these pivotal sectors.
The budget estimates a total annual revenue of QR202bn and spending at QR200.9bn.
Although the budget for 2024 sees a small surplus preliminarily, given Qatar’s commitment to pay the equivalent of approximately QR7.3bn of public debt dues next year, the Ministry of Finance has estimated a deficit of about QR6.2bn.
Qatar is taking a more conservative approach, with an oil price assumption of $60 per barrel in 2024, instead of $65 per barrel in 2023, by taking into account the estimates of international institutions, HE the Minister of Finance Ali bin Ahmed al-Kuwari said.
Qatar’s revenue from oil and gas is estimated to decrease 14.5% in 2024 to QR159bn, while non-oil revenue is expected to increase about 2.4% to QR43bn, the minister noted.
The budget indicated that the estimates of non-oil revenues for 2024 amount to QR43bn, an increase of approximately 2.4% compared to the budget for the fiscal year 2023. This affirms the significant growth of non-oil sectors as part of Qatar’s interest in economic diversification and opening new income channels beyond oil and gas.
Expenditures in the fiscal year 2024 budget sees an increase by 1% from 2023 to reach QR200.9bn, due to a rise in the allocations for salaries and wages increased in the 2024 budget by QR1.5n, a 2.4% increase from 2023 to reach QR64bn.
Allocations for both current expenditures and secondary capital expenditures also increased by 6.4% and 27.5% respectively, compared to 2023.
Major capital expenditures budget decreased by nearly 8.3% compared to the 2023 budget given the completion of many vital economic projects and projects related to the infrastructure plan.
Meanwhile, Qatar, one of the world’s top LNG exporters, posted a budget surplus of QR12bn in the third quarter, according to finance ministry data, higher than in the previous quarter.
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