File photo used for representation only.
Doha: Qatar has recorded total budget surplus of QR4.9bn for the first three quarters in 2021, according to the ‘Public Budget Statement for the Third Quarter’ released by the Ministry of Finance, yesterday.
The budget surplus stood at QR0.9bn during the third quarter of the current year.
Total revenue reached QR47bn in the third quarter driven by higher-than-budgeted oil prices and corresponded to 29.3 percent of total 2021 Budget. Total public expenditure of QR46.1bn has been recorded in Q3-2021 which is largely in line with the budget.
Total expenditure on major projects increased by 9.1 percent compared to previous quarter. The increase was anticipated and was mainly due to large instalment payments to deliver various projects. Newly-awarded projects during the third quarter of 2021 totalled QR2.9bn.
Total public debt increased by 3.3 percent during the third quarter of 2021 to reach QR383bn. The increase resulted from a QR10.2bn new domestic issuance. External debt redemption in the third quarter totalled QR0.6bn. There was no new external issuance for the period, except for an incremental ECA drawdown.
Total revenue for Q3-2021 reached QR47bn, which represents a decrease of 6.2 percent compared to the previous quarter. This was driven by the significant drop in non-hydrocarbon revenue since the substantial share of budgeted non-oil revenue for 2021 was achieved in Q2-2021 due to the timing of corporate income tax collection.
The total oil and gas revenue amounted to QR41.2bn, which represents an increase of 34.6 percent compared to the same period last year supported by higher oil prices.
Non-oil revenue for Q3-2021 amounted to QR5.7bn, which represents 14.9 percent of the 2021 budget. Total non-oil revenue year-to-date reached QR30.5bn, and the expected non-oil revenue for the fourth quarter of 2021 stands at around QR6.5bn, leaving total non-oil revenue for the year at QR37bn.
Total public expenditure during the third quarter of 2021 remained relatively stable and amounted to QR46.1bn, representing a slight decline of 0.3 percent compared to the previous quarter.
For the period ending September 30, 2021, an increase of 3.3 percent was registered in the overall public debt level. The increase was a result of the QR 10.2bn new domestic issuance. Total public debt reached QR383bn by the end of Q3-2021.
