Riyadh: Due to a sizable influx of oil and gas revenues, Qatar registered more than two-thirds of its anticipated 2023 budget surplus in the first three months of the year, according to the country's Finance Ministry.
According to Qatar's official news agency, the nation's trade balance was positive for the first quarter of the year by 19.7 billion Qatari riyals ($5.4 billion), which is equal to 68 percent of its anticipated budget surplus for 2023.
In comparison to the fourth quarter of 2022, which saw a profit of 11.6 billion riyals, the amount represents a 70 percent increase.
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In the first three months of 2023, there were 68.6 billion riyals in total revenues, of which 63.4 billion were generated by oil and gas.
The remaining 5.2 billion riyals in revenue during the period came from non-oil sources.
By the end of 2023, the Gulf country should have a budget surplus of 29 billion riyals, according to previous predictions.
The first quarter's average oil price was $82.2, compared to budget estimates of $65 per barrel, which resulted in higher revenue.
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The surplus is anticipated to be used to pay off Qatar's public debt, boost central bank reserves, and increase the capital of the state's sovereign wealth fund, according to Finance Minister Ali Al-Kuwari, who unveiled this year's budget.
Qatar had a 22 billion riyal trade surplus in April 2023, according to a report published in May by the nation's Planning and Statistics Authority.
The figures showed a rise of 3.5% over March but a fall of 35.6% on an annualised basis.
Amounting to an estimated 8.7 billion riyals, the value of merchandise imports in April 2023 also decreased by 9.3 percent from the previous month and 6.3 percent from the previous year.
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A 33.2 percent annual decline can be seen in the value of Qatar's oil, gas, and condensate exports, which fell to 18.6 billion riyals in April.