Total public spending during the second quarter of the year amounted to about QR58.4bn, representing an increase of 19.3% compared to the previous quarter, Ministry of Finance announced on Thursday.
Newly approved projects during the second quarter (Q2) totalled QR3.9bn, Ministry of Finance said and noted that “major capital expenditure” increased by 29.1% compared to the previous quarter due to completion of several infrastructure projects and the newly awarded projects, in addition to the disbursement of compensation to contractors.
Total expenditure for the second quarter amounted to QR58.4bn, representing an increase of 19.3% compared to the previous quarter. Total expenditure for Q2, 2023 accounted for 29.3% of the 2023 budget, the Ministry of Finance noted.
Total revenue for the second quarter amounted to QR68.4bn, which Ministry of Finance said represents a decline of 20.2% compared to the same period last year.
Total revenue for the second quarter accounted for 30% of the 2023 budget.
The oil and gas revenue amounted to QR40.3bn, which represents a decline of 30.9% compared to the same period last year.
The decrease in hydrocarbon revenue during the current period is attributed to lower oil prices compared to the same period last year. The average oil price per barrel declined in Q2, 2023 by 30.5% compared to the same quarter last year.
“This decline is primarily driven by concerns about a potential global economic slowdown,” Ministry of Finance said.
Non-oil revenue for Q2, 2023 totalled QR28.2bn, which it said represents an increase of 2.2% compared to the same period last year.
In Q2, 2023, a significant portion of the budgeted non-oil revenue for 2023 was realised, primarily due to the timing of corporate income tax collection.
The revenue achieved in Q2,2023 aligned closely with the target, resulting in the Ministry of Finance maintaining its estimate of total 2023 non-oil revenue at QR42bn.
In terms of country’s expenditure, the Ministry of Finance said “Current expenditure” increased by 14% compared to the previous quarter.
This increase, it said was a result of the rise of interest rates on loans, in addition to the current expenses of some of the Qatar’s projects like the one on food security.
Salaries and wages increased by 12.2% in Q2 compared to the previous quarter. This is mainly due to new employments in Q2-2023, in addition to advance payments and annual bonuses coinciding with the holiday season.
Qatari projects that were financially approved (under major Capex) during the second quarter included infrastructure and roads (QR224.1mn), sewer and drainage (QR300mn), parks and green areas (QR948mn) and miscellaneous works (QR2.5bn).