The surge in spending also positively impacted Qatar’s revenues from the tourism sector, which amounted to 32.207 billion riyals in 2023.
Qatar residents’ spending on tourism and travel abroad increased by 34.5% in 2023 to around 60 billion riyals, according to current account data issued by the Qatar Central Bank.
Last year, Qatar residents spent 59.970 billion riyals (equivalent to $16.605 billion) on tourism abroad, a notable increase from the 44.626 billion riyals ($12.356 billion) spent in 2022.
Spending on the foreign tourism sector in Qatar during the fourth quarter of last year recorded the highest level, standing at ever at 17.8 billion riyals.
Qatar is classified among the list of countries that export tourism and spend the most on tourism abroad.
According to the third national strategy, the government aims to diversify tourism patterns and develop new tourism products to increase the sector’s contribution to the Gross Domestic Product to 12% by 2030.
Expenditure on overseas tourism was distributed throughout the year, with 13.087 billion riyals spent in the first quarter, 12.581 billion riyals in the second quarter, and 19.463 billion riyals and 17.839 billion riyals in the third and fourth quarters of 2023, respectively.
The surge in spending has also positively impacted Qatar’s revenues from the tourism sector, which amounted to 32.207 billion riyals in 2023, compared to 26.435 billion riyals in 2022, marking an annual increase of 21.83%.
According to a survey by the Qatar Central Bank, revenues were distributed as follows: 6.774 billion riyals in the first quarter, 8.026 billion riyals in the second quarter, 8.054 billion riyals in the third quarter, and 9.353 billion riyals in the fourth quarter of the preceding year.
There was a notable decrease in the services account deficit in 2023, declining by 26.72% to 22.109 billion riyals, compared to 30.171 billion riyals in the previous year.
The current account surplus, which encompasses goods, services, income, and current transfers, also decreased by 42.22% to 132.749 billion riyals in 2023, compared to 229.749 billion riyals in the previous year.
Overall, the balance of payments surplus of Qatar decreased by 43.47% in 2023, amounting to 14.185 billion riyals ($3.928 billion), compared to 25.092 billion riyals ($6.947 billion) in 2022.
