Qatar: Increased budget revenue measured in billions of dollars

(Patria) - Qatar on Monday approved its budget for the fiscal year 2023 with estimated revenues of 228 billion riyals ($62.64 billion) and expenditures of 199 billion riyals, the state news agency reported.

This would result in a fiscal surplus of 29 billion riyals, according to Reuters calculations. The Gulf state, which hosted the FIFA World Cup in the past month, achieved a surplus of 30 billion riyals in the third quarter, due to rising revenues from oil and gas sales amid high energy prices worldwide.

GDP growth was 4.4 percent in the first half of 2022, but is expected to decrease in 2023.

"Economic activity is expected to be supported by investments related to the North Field gas expansion and strong growth in logistics, manufacturing, and trade," according to the economic outlook report for 2023 published earlier this month.

GDP growth is projected at 4 percent in 2023, compared to 4.7 percent this year. Qatar has benefited from the growing demand for gas from Europe since Russia's invasion of Ukraine in February, agencies recall.