Qatar residents spend nearly QAR60bn on foreign tours in 2023

Qatar residents spend nearly QAR60bn on foreign tours in 2023

QLNews
By QLNews

According to the latest statistics released by the Qatar Central Bank, Qatar's residents, and expatriates spent a staggering sum of around QAR60bn on tourism and traveling abroad in 2023.

In 2023, Qatar’s residents spent QAR59.97bn ($16.60bn) on travel and tourism outside the country, an exponential 34.5% increase compared to the previous year (QAR44.63bn or $12.36bn).

Qatar-based travellers spent QAR17.8bn on foreign tourism in the fourth quarter of 2023, an all-time record. Travellers from the country are known to be among the biggest spenders on vacations abroad.

Expenditures on overseas tourism had come to QAR13.088bn in the first quarter, QAR12.58bn in the second quarter, and QAR19.46bn in the third quarter of 2023 respectively.

The surge in spending also positively impacted Qatar’s tourism revenues, which amounted to QAR32.21bn in 2023, compared to QAR26.44bn in 2022, marking an annual increase of 21.83%.

According to the QCB survey, the country’s tourism revenues were distributed as follows: QAR6.78bn in the first quarter, QAR8.03bn in the second quarter, QAR8.05bn in the third quarter, and QAR9.35bn in the fourth quarter.

The current account surplus, which encompasses goods, services, income, and current transfers, decreased by 42.22% to QAR132.75bn in 2023, compared to QAR229.75bn in the previous year.

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