Qatar Economic Outlook Issue Number 13

 
Balance of Payments and 
Foreign Trade 
Overall of BOP
In 2020, the overall balance of payments 
(BOP) achieved a surplus of 0.4% of GDP, as 
shown in Figure (2-46), with a total value of 
QR 1.86 billion, equivalent to $0.5 billion, 
which concomitantly means that the State’s 
foreign exchange reserves increased by the 
same amount and proportion. The same 
Figure 2-45: Public expenditures and its 
components 
25 28 29 31
24 26 28 28 28
16 15 16
15
14 14 14 13 13
9 10 10
11
9
9
9
9
44 42 40 36
49 48 45 44 44
2
-5
1
-13.3
-20
0
20
40
60
80
100
2017
2018
2019
2020
2017
2018
2019
2020
2021
As
%
o
f Total
Capital Expenditure
Other expense
Interest payments
Goods and services
Wages and salaries
Rate of change* %
Source: MOF and analysis of PSA (*budgets compared 
to actual)
Figure 2-46: Overall Balance of Payments 
10.6
16.0
-9.6
-12.7
5.3
2.3
-20
-15
-10
-5
0
5
10
15
20
2017
2018
2019
Q
1
Q
2
Q
3
Q
4
2020
Q
1
Q
2
Q
3
Annual
2020
2021
As
%
o
f GDP
Current Account
Capital and Financial Account
Net Errors & Omissions
BOP
Source: QCB and prepared by PSA 

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Qatar Economic Outlook 2021 - 2023 
96 
outcome with almost the same amount 
repeated in Q1 of 2021, however, it declined 
in Q2 by negative 0.3% of GDP, before 
witnessing a growth in Q3 by 2.3% of GDP, 
where most of the overall balance surpluses 
during the first three quarters of 2021, can be 
attributed to the current account surplus, as 
opposed to the financial account deficit, as 
will be discussed later.