Expenditure on major projects during the first quarter (Q1) of this year totalled about QR15bn, or 20.8% of the 2021 budget, the Ministry of Finance said on Thursday.
In addition, newly awarded projects during the first quarter of 2021 amounted to about QR4.6bn, a report issued by the Ministry said.
Total public debt remained constant, maintaining the same level and split as of 2020 year-end at QR381.9bn. There was neither new public debt during the quarter, it said.
Total revenue for Q1, 2021 amounted to QR45.2bn driven by the recovery in oil prices. On the other hand, expenditure totalling QR45bn has been recorded. As a result, the budget balance recorded a minor surplus of QR0.2bn.
Qatar’s economy, supported by the National Vaccination Programme and the increase in oil demand and prices, is expected to recover from the effects of the Covid-19 pandemic in 2021 with real GDP growth of 2.2%, Ministry of Finance said.
The economy contracted in 2020 as the recorded real GDP was -3.7%. The contraction was primarily driven by the Covid-19 pandemic outbreak and weak oil demand during 2020, the Ministry of Finance said.
The Ministry said the report was published to provide detailed fiscal data covering performance during the first quarter of 2021 including revenues, expenditures, debt dynamics and other key fiscal and economic developments.
The Ministry said it will be publishing similar budget reports periodically within 30 days of the end of each quarter.