Qatar witnessed a jump in its budget surplus to 47.3 billion riyals ($12.8 billion) in the first half of 2022, compared to 4 billion riyals in the same period last year, driven by soaring energy revenues. Oil and gas revenue surged 58 percent to 150.7 billion riyals during the period, compensating the increased government spending on wages and salaries. The Gulf country is benefiting from Europe’s interest in diversifying its gas supply away from Russia in the long-term. The International Monetary Fund projected the country’s economy will grow 5.4 percent this year and generate a surplus equivalent to about $45 billion.
- Qatar sees 12-fold jump in surplus on energy profit