In the first quarter of 2023, Qatar recorded a surplus of QR19 billion in the state’s general budget, as confirmed by the country’s Minister of Finance, HE Ali bin Ahmed Al Kuwari. This fiscal announcement underscores Qatar’s robust economy, demonstrating its resilience in the face of global economic challenges.
Speaking on Bloomberg TV during the Qatar Economic Forum, the finance minister revealed, “We just announced our first quarter fiscal numbers. We have a surplus of QR19 billion.” According to Al Kuwari, the surplus is allocated to three key financial strategies: the servicing of public debt, bolstering the reserves of the Qatar Central Bank, and the enhancement of the Qatar Investment Authority’s assets.
Positive growth was observed in Qatar’s non-oil, non-hydrocarbon sector, with a noteworthy increase of 6.7 percent. The oil sector, traditionally a linchpin in the Qatari economy, also posted a modest growth of 1.5 percent. These statistics indicate a successful diversification of the Qatari economy away from a single-resource dependency, creating a more balanced and resilient economic ecosystem.
Over the past year, Qatar’s economy has exhibited a solid growth of 4.8 percent on an annual basis and more remarkably, the GDP growth rate soared to an impressive 32 percent. These figures provide a testament to the nation’s thriving economy, despite the globally challenging economic climate.
Qatar does not show excessive concern over global oil price fluctuations as the non-oil sector plays a major role in advancing the Qatari economy, underlining the country’s successful economic diversification and its reduced reliance on oil sectors for economic growth. Qatar’s economy is moving towards more balance and sustainability, making it less susceptible to global oil market fluctuations.
This news underscores Qatar’s remarkable economic resilience and growth, projecting a positive image for future investments in the country. With continued diversification and effective financial strategies, the nation is well-positioned to navigate through global economic uncertainties and maintain its trajectory of economic progress.