The Qatari Ministry of Finance announced today, in an official statement, the financial results of the state budget for the fourth quarter of 2025, revealing a budget deficit of 5.3 billion Qatari riyals. The Ministry confirmed that this deficit was fully covered through debt instruments, reflecting the state's strategy of managing fiscal policies flexibly to maintain economic stability.
Details of public revenues and recorded growth
The Ministry clarified via its official social media account (X) that total revenues achieved during the fourth quarter of 2025 reached approximately 51.607 billion riyals. This figure represents a notable growth of 6% compared to the same period of the previous year, 2024. Regarding the details of these revenues, the energy sector continues to play a pivotal role in the Qatari economy, with oil revenues amounting to 46.428 billion riyals, while non-oil revenues reached 5.179 billion riyals. This indicates the government's ongoing efforts to diversify income sources despite the dominance of hydrocarbon revenues.
Increased expenses and the continuation of development projects
On the expenditure side, data showed a significant increase in total public spending, reaching approximately SAR 56.904 billion, a 19.1% increase compared to the same quarter of 2024. The allocation of expenditures reflected the government's commitment to the workforce and strategic projects, with the following allocations:
- 17.624 billion riyals for salaries and wages.
- 22.101 billion riyals for current expenditures.
- 15.526 billion riyals for major capital expenditures (major projects).
- 1.653 billion riyals for secondary capital expenditures.
The economic context and the importance of capital spending
This announcement comes at a crucial economic juncture for Qatar, as the government continues to invest heavily in major capital projects in line with Qatar National Vision 2030. The increase in capital and current expenditures reflects the country's ongoing commitment to developing infrastructure and public services, which partially explains the deficit recorded this quarter. These expenditures are essential to stimulating domestic economic growth and supporting the private sector.
Deficit management and fiscal policy
The Ministry of Finance's decision to cover the deficit through debt instruments, rather than drawing on foreign currency reserves, is an indicator of the country's financial strength and the confidence of global markets in the Qatari economy. Countries typically resort to such instruments to maintain comfortable liquidity levels and utilize interest rates to finance their projects without impacting their sovereign assets. Analysts affirm that this deficit is temporary and acceptable given the massive scale of development spending and the volatility of global energy markets.
