Qatar approves 2023 budget, estimates revenues at over $62 billion

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Qatar approved its 2023 fiscal year budget on Monday with estimated revenue at 228 billion riyals ($62.64 billion) and expenditure 199 billion riyals, the state news agency reported.

That would result in a fiscal surplus of 29 billion riyals, according to Reuters calculations.

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The Gulf state, which just hosted the 2022 World Cup, posted a surplus of 30 billion riyals in the third quarter, boosted by rocketing oil and gas revenues this year on the back of high global energy prices.

GDP growth hit 4.4 percent in the first half of 2022 but is expected to ease in 2023.

“Economic activity should continue to be supported by investment related to the North Field gas expansion and robust growth in logistics, manufacturing and trade,” Standard Chartered said in a 2023 Economic Outlook report earlier this month. It forecast GDP growth at 4 percent in 2023 from 4.7 percent this year.

Qatar has also seen rising demand for gas from Europe since Russia’s invasion of Ukraine in February.

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