Qatar Economic Outlook Issue Number 13

Impacts on Fiscal and Trade 
Balances
The exports of the mining and manufacturing 
sectors constitute, on average, about 81.4% 
of the total merchandise exports during the 
period (2015-2020), with a maximum of 
86.8%, and a minimum of 75.8%. 
Importantly, they also form the main source 
of public revenues for the state budget at a 
rate of 80.9%, with a maximum of 94.6% and 
a minimum of 69.4%. Therefore, any 
fluctuations in the value of sales of the 
products of these two sectors negatively or 
positively affects the state's public budget 
balances and the trade balance of the 
balance of payments, as shown in Figure (2-
5). 
Global oil prices have decreased; for 
example, average Brent prices declined from 
$64.4 per barrel in 2019 to $41.3 per barrel in 
2020. Yet the weighted average of oil and 
gas prices in Qatar decreased by about 20% 
and 25%, respectively, which led to a decline 
in public revenues of the State of Qatar by 
about 21% in 2020 compared to what was 
actually collected in 2019. 
Therefore, the Ministry of Finance issued a 
circular to all ministries, institutions, and 
government bodies directing them to control 
expenditures, which led to a reduction in total 
Figure 2-4: Number of visitors to Qatar by 
regions (million)
 
1.5
1.5
1.6
1.9
0.5
1.4
0.8
0.2
0.2
0.1
2.9
2.3
1.8
2.1
0.6
19.7
21.7
20.3
19.8
13.0
0
5
10
15
20
25
0
1
1
2
2
3
3
4
2016
2017
2018
2019
2020
QR
b
illi
on
nu
m
be
r (
m
illi
on
)
GCC
Others
Total Visitors
Tourism Foreign Income (R-axis)
Source: WTTC and Planning and Statistics Authority

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