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Satyendra Pathak
Doha
Qatar’s total public revenue for 2018 stood at QR207.9 billion, an increase of 27.3 percent from QR163.3 billion in the previous year, Qatar Central Bank (QCB) has said in its latest report.
According to the 42nd annual report of QCB, the increase in total public revenue during 2018 was a reversal of the declining trend during the previous three years and reflected the positive impact of recovery in energy prices.
Both the components of revenue like ‘oil and gas’ and ‘miscellaneous transferable’ increased during 2018.
The revenue from ‘oil and gas’ increased by 30.2 percent to QR173.1 billion from QR133 billion during 2017. Similarly, the revenue from ‘miscellaneous transferable’ consisting of various fees and taxes during 2018 increased by 14.9 percent to QR34.9 billion from QR30.3 billion during the previous year.
Revenue from ‘oil and gas’ continued to constitute the major source of public revenue with a lion’s share of 83.3 percent during 2018, higher than the 81.5 percent during 2017, the report said.
On the other hand, total expenditure continued its declining trend and was lower by 5.1 percent from that of 2017. Total public expenditure during 2018 stood at QR192.8 billion.
Completion of major projects and expenditure rationalisation under fiscal reforms have been the major driving force behind the contraction in total expenditure during the last few years, the report said.
Expenditure on wages and salaries during 2018 increased by 7.8 percent to QR55.7 billion from QR53.1 billion during 2017, the report said, adding that its share in total expenditure increased to 28.9 percent from 26.1 percent during 2017.
By contrast, current expenditure during 2018 declined by 7.8 percent to QR55.7 billion from QR60.2 billion in 2017. Its share in the total expenditure declined to 28.8 percent from 29.6 percent during 2017.
With the rationalisation of expenditure drastically reducing the current expenditure, capital expenditure on major projects has been the most important component of public expenditure.
However, there has been a decline in this component of expenditure due to completion of projects related to 2022 FIFA World Cup. During 2018, expenditure on major projects declined by 9.6 percent to QR77.8 billion from QR86.1 billion during 2017.
Yet, the share of capital expenditure on major projects in total public expenditure continued to be high at 40.4 percent.
Because of the higher total revenue alongside a decline in total expenditure, there was a budget surplus of QR15.1 billion recorded during 2018, as against deficits of QR40 billion and QR50.8 billion during 2017 and 2016, respectively.
Total public revenue during 2019 has been budgeted at QR211 billion, QCB said, adding it would show only a small increase of 1.5 percent over the actual revenue of 2018.Expenditure continues to decline in 2018: QCB
Doha
Qatar’s total public revenue for 2018 stood at QR207.9 billion, an increase of 27.3 percent from QR163.3 billion in the previous year, Qatar Central Bank (QCB) has said in its latest report.
According to the 42nd annual report of QCB, the increase in total public revenue during 2018 was a reversal of the declining trend during the previous three years and reflected the positive impact of recovery in energy prices.
Both the components of revenue like ‘oil and gas’ and ‘miscellaneous transferable’ increased during 2018.
The revenue from ‘oil and gas’ increased by 30.2 percent to QR173.1 billion from QR133 billion during 2017. Similarly, the revenue from ‘miscellaneous transferable’ consisting of various fees and taxes during 2018 increased by 14.9 percent to QR34.9 billion from QR30.3 billion during the previous year.
Revenue from ‘oil and gas’ continued to constitute the major source of public revenue with a lion’s share of 83.3 percent during 2018, higher than the 81.5 percent during 2017, the report said.
On the other hand, total expenditure continued its declining trend and was lower by 5.1 percent from that of 2017. Total public expenditure during 2018 stood at QR192.8 billion.
Completion of major projects and expenditure rationalisation under fiscal reforms have been the major driving force behind the contraction in total expenditure during the last few years, the report said.
Expenditure on wages and salaries during 2018 increased by 7.8 percent to QR55.7 billion from QR53.1 billion during 2017, the report said, adding that its share in total expenditure increased to 28.9 percent from 26.1 percent during 2017.
By contrast, current expenditure during 2018 declined by 7.8 percent to QR55.7 billion from QR60.2 billion in 2017. Its share in the total expenditure declined to 28.8 percent from 29.6 percent during 2017.
With the rationalisation of expenditure drastically reducing the current expenditure, capital expenditure on major projects has been the most important component of public expenditure.
However, there has been a decline in this component of expenditure due to completion of projects related to 2022 FIFA World Cup. During 2018, expenditure on major projects declined by 9.6 percent to QR77.8 billion from QR86.1 billion during 2017.
Yet, the share of capital expenditure on major projects in total public expenditure continued to be high at 40.4 percent.
Because of the higher total revenue alongside a decline in total expenditure, there was a budget surplus of QR15.1 billion recorded during 2018, as against deficits of QR40 billion and QR50.8 billion during 2017 and 2016, respectively.
Total public revenue during 2019 has been budgeted at QR211 billion, QCB said, adding it would show only a small increase of 1.5 percent over the actual revenue of 2018.Expenditure continues to decline in 2018: QCB
