Qatar’s revenue rises 27.3% to QR207.9 billion Aug 21, 2019 0 1048 12345 Satyendra PathakDohaQatar’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 RELATED ARTICLES Amir inquires about Kuwait Amir’s health Aug 21, 2019 0 1549 FM, Kenyan counterpart review ties Aug 21, 2019 0 904 Retail stores turn Metro stations into shopping destinations Aug 21, 2019 0 1927 QP signs 5-year condensate sale deal with Exxon in Singapore Qatar Petroleum for the Sale of Petroleum Products Company (QPSPP) has recently concluded a five-year sale agreement with ExxonMobil Trading Asia Pacific Pte Ltd (EXTAP), a division of ExxonMobil Asia Pacific Pte Ltd .. Unavailability of POS machines at many shops irks customers Tribune News Network Doha Unavailability of retail point of sale (POS) machines at many shops and restaurants is making customers see red as they are forced to pay the bills in cash, which sometimes run into several .. 2022 World Cup emblem to be unveiled on Sept 3 FIFA has confirmed that the official emblem for the Qatar 2022 World Cup will be unveiled on September 3. Qatar will host the World Cup for the first time in its history, and the history of the Middle East and the Arab .. Somali president thanks Qatar for support Somalia President Mohamed Abdullahi Farmajo on Tuesday thanked Qatar for its contribution to building his country’s infrastructure, including Hobyo Port project. In a statement issued by the official Somali news .. Kingfish catching ban continues until Oct 15 The Ministry of Municipality and Environment (MME) has said that the ban on catching “kingfish” will continue until October 15.The ban, which began on August 15, is aimed at protecting the stock of species of kingfish in ..