The average GDP growth during the years until 2030 is set to exceed an annual 4 percent, making it among the best-performing economies in the world.
Qatar’s Minister of Finance Ali Al-Kuwari has unveiled the Gulf state’s budget for the year 2025 with a total expenditure of QAR 210bn ($57.8bn).
Al-Kuwari announced the budget on Sunday in a press conference in Lusail, where he detailed the state’s budget and the funds allocated to different sectors.
He noted that the current expenditure allocations increased by 6.3 percent whereas minor capital expenditures increased by 7.7 percent in comparison to the previous year.
The major capital expenditure allocations have also witnessed a slight increase of 1.4 percent in order to support the implementation of strategic development projects.
The Qatari minister noted that the expected total revenue for the 2025 budget is QAR 197bn ($54bn), including QAR 154bn ($42bn) from oil and gas and QAR 43bn ($12bn) from non-oil revenues.
Commenting on the projected deficit for 2025, Al-Kuwari said the expected amount is QAR 13.2bn ($3.6bn).
Allocations into key sectors
Out of the new budget, a total of QAR 19.4bn ($5.3bn) have been allocated to the education sector under wider plans to build 11 new schools and renovate seven existing ones.
The budget will also cover new buildings for the College of Dentistry and the College of Nursing while maintaining and developing several educational facilities.
A total of QAR 22bn ($6bn) have been allocated to the health sector in order to construct new hospitals and develop existing facilities within the Hamad Medical Corporation and the Primary Health Care Corporation.
Another QAR 21.9bn ($6bn) will go into the municipality and environment sector to carry out key projects including a shelter and care centre for wildlife as well as the development and rehabilitation of the Al Maha Wildlife Reserve in Al Shahaniya.
The budget also includes the rehabilitation and maintenance of the central veterinary laboratories building in addition to the development of farm complexes. The allocated amount will also enable the expansion of the Aquatic Research Center.
As a country that has cemented its position as a sporting capital, a total of QAR 6.6bn ($1.8bn) have been allocated towards the sports sector.
The funds will be used to develop Aspire Zone’s facilities and those in the Qatar Racing and Equestrian Club, the Qatar Equestrian Federation, and the Al Uqda Equestrian Complex. Other projects will fall under the budget, including the development of indoor sports halls and facilities.
Meanwhile, the budget is set to cover QAR 3.9bn ($1.1bn) in commercial affairs, a separate QAR 3.9bn ($1.1bn) will go into transportation, and QAR 3.6bn (about $990m) in tourism and culture.
Separately, QAR 3bn ($823m) will go into telecommunications and QAR 2.7bn ($741m) will cover social services. The Qatari minister of finance added that QAR 1.1bn ($302m) have been allocated for research and development.
Detailing the budget for salaries and wages, Al-Kuwari said that QAR 67.5bn ($19bn) have been allocated for 2025, marking a 5.5 percent increase from this year.
Qatar’s 2024 financial review
Meanwhile, Al-Kuwari highlighted Qatar’s gross domestic product growth for the current year, saying that it saw a 1.7 percent increase. The non-hydrocarbon GDP growth bumped up by 1.9 percent and the hydrocarbon GDP growth increased by 1.4 percent.
The inflation rate has also begun returning to normal levels after it reached 1.3 percent by the end of September, making it among the best global rates.
The Qatari minister told the press that the average GDP growth during the years until 2030 is set to exceed an annual 4 percent, making it among the best in the world.
Furthermore, Qatar’s GDP is expected to grow to 7.9 percent by 2027 from around 2.4 percent in 2025 due to the beginning of the production of the liquefied natural gas expansion project.
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