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Qatar’s first quarter budget surplus, which was $5.4 billion, was more than expected

According to the nation’s Finance Ministry, Qatar reported more than two-thirds of its expected 2023 budget surplus in the first three months of the year as a result of a substantial inflow of oil and gas income.www.theindiaprint.com qatars first quarter budget surplus which was 5 4 billion was more than expected images 2023 06 06t202542.878 11zon

The country’s trade balance was positive for the first quarter of the year by 19.7 billion Qatari riyals ($5.4 billion), which is equivalent to 68 percent of its planned budget surplus for 2023, according to the official news agency of Qatar.

The sum indicates a rise of 70% when compared to the fourth quarter of 2022, which had a profit of 11.6 billion riyals.

Total revenues in the first quarter of 2023 was 68.6 billion riyals, of which 63.4 billion came from oil and gas.

Non-oil sources generated the remaining 5.2 billion riyals in income during the time.

According to prior forecasts, the Gulf nation should have a budget surplus of 29 billion riyals by the end of 2023.

Compared to budget forecasts of $65 per barrel, the first quarter’s average oil price was $82.2, generating more income.

According to Finance Minister Ali Al-Kuwari, who introduced this year’s budget, the surplus is expected to be used to pay down Qatar’s public debt, improve central bank reserves, and expand the capital of the state’s sovereign wealth fund.

According to a study released in May by Qatar’s Planning and Statistics Authority, the country enjoyed a 22 billion riyal trade surplus in April 2023.

The data indicated a 3.5% increase over March but a 35.6% yearly decline.

The value of goods imported in April 2023 was anticipated to be worth 8.7 billion riyals, down 9.3 percent from the previous month and 6.3 percent from the year before.

 

The value of Qatar’s oil, gas, and condensate exports dropped to 18.6 billion riyals in April, a 33.2 percent yearly reduction.

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