HE the Minister of Finance Ali bin Ahmed al-Kuwari said that the total revenue estimates in the fiscal year 2023 budget amount to QR228bn, a 16.3% increase compared to the 2022 budget estimates, while the expenditure estimates reach QR199bn, and budget surplus at QR29bn.
In a press statement Monday, HE al-Kuwari attributed the increase in public revenues mainly to the adoption of an average oil price of $65 per barrel for 2023 instead of $55 per barrel in the 2022 budget, due to the remarkable recovery in global energy prices during 2022. Also, the international institutions' estimates suggest that the energy prices will continue to rise over the medium term.
HE al-Kuwari said that based on that, the estimates of total oil and gas revenues for 2023 amount to QR186.0bn, compared to QR154.0bn for 2022, a 20.8% increase, adding that the estimates of non-oil revenues for 2023 are kept constant, compared to the 2022 budget at QR42.0bn.
Regarding the expenditures in the fiscal year 2023 budget, he said that the expenditures will decrease by 2.6% from 2022 to reach QR199bn, coinciding with the completion of most of the costs of hosting the World Cup, adding that the allocations for salaries and wages in the 2023 budget will increase by QR4.0bn from 2022 to reach QR62.5bn, a 6.3% increase.
The allocations for major projects for 2023 are to decrease by 13.6%, compared to 2022, to reach QR 63.9bn.
The allocations for the current expenditure section slightly increase from QR67.2bn to QR67.5bn.
The secondary capital expenditures slightly increase from QR4.6bn to QR5.1bn.
Also, HE al-Kuwari indicated that the state continues to focus on the health and education sectors, with QR21.1bn allocated to the health sector, about 11% of the total expenditures, and QR18.1bn for the education sector, nearly 9% of the total expenditures.