Qatar's Non-Energy Private Sector Sees Growth Surge in May

Qatar, 5 June, 2024 : According to the latest Purchasing Managers’ Index™ (PMI®) survey data from Qatar Financial Centre (QFC) compiled by S&P Global, Qatar's non-energy private sector experienced notable momentum in May. Output and new orders saw the fastest rates of increase since the third quarter of 2023. Employment continued to expand, and the 12-month outlook improved, while inflationary pressures remained muted.

The Qatar PMI indices, derived from survey responses from around 450 private sector companies, cover manufacturing, construction, wholesale, retail, and services sectors. The headline Qatar Financial Centre PMI registered 53.6 in May, indicating the strongest improvement in business conditions since last September.

May data showed a growing demand momentum in the non-energy economy, with incoming new work expanding at the sharpest rate in eight months. Faster growth in new business wins generated the quickest expansion in total business activity since last August.

Companies expressed increasing optimism regarding the next 12 months, attributing it to development plans, marketing campaigns, and the introduction of new products and services. Employment continued to rise, reflecting efforts to speed up service delivery and gain staff experienced in new technologies.

Purchasing activity increased at the second-fastest rate in ten months, while input stocks fell as output growth accelerated. Cost pressures remained stable, with average purchase prices declining. Prices charged for goods and services increased for the second time in the past seven months but at a slower rate than before.

In the financial services sector, growth surged, with volumes of total business activity and new contracts reaching multi-month highs. Confidence regarding the 12-month outlook was also high, while employment growth was maintained for the fourteenth successive month. Charges for financial services remained broadly stable.

Source : www.qfc.qa