Qatar's 2022 budget records surplus of QR89 billion

Qatar's budget for the fiscal year of 2022 saw a surplus of QR89 billion, a 5462.5 percent increase compared to the surplus of 2021, which was less than QR1.6 billion, according to Data from the Ministry of Finance.

The ministry said that the surplus for Q4 of 2022 (October to December) was QR11.6 billion, compared to a deficit of QR3.3 billion in the same quarter of 2021.

Total revenues for the quarter came in at QR65.1 billion, compared to QR51.5 billion in the same period of last year. Oil and gas revenues were QR59.3 billion, compared QR44.7 billion in the corresponding period of 2021.

Total expenditures for the quarter came at QR53.5 billion, compared to QR54.8 billion in Q4 of 2021. Wages were QR15.4 billion, compared to QR 15 billion in the same period of last year.

Estimates when the 2022 budget was first approved were of a deficit of QR8.3 billion. Minister of Finance Ali bin Ahmed Al Kuwari said at the time that they were a result of the expenses related to hosting the World Cup, including security and all events accompanying the FIFA World Cup Qatar 2022.

2022's large surplus brings to mind similar high levels achieved in 2012 (QR77 billion), 2013 (QR106.3 billion), and 2014 (QR108.6 billion riyals), mainly due to the control over expenditures and the rise in revenues as oil prices recovered.