Qatar, 4 July, 2024 :  Qatar experienced its strongest non-energy sector growth in almost two years in June, driven by significant increases in both existing and new business activities.

According to the Qatar Financial Centre (QFC), the Purchasing Managers’ Index (PMI) rose to 55.9 in June from 53.6 in May, indicating robust expansion in business activity. This marks the highest level since July 2022 and reflects a positive outlook for the coming months.

Employment levels continued to rise for the 16th consecutive month as companies expanded operations, buoyed by optimistic forecasts. Inflationary pressures remained subdued, with slight increases in input prices while prices charged for goods and services decreased, promoting competitiveness and attracting new customers.

New business orders grew at the fastest rate in 13 months, driven by accelerated growth in manufacturing, construction, and other sectors. Companies also managed to reduce backlogs of work despite increasing demand.

Qatari financial services firms reported strong growth in business activity and new contracts, with indices reaching their highest levels in 13 and 9 months, respectively.

Yousuf Mohamed Al-Jaida, CEO of QFC, highlighted that June’s PMI index surpassed pre-pandemic levels seen since 2017, except for October 2017. He noted that growth has accelerated notably in the first half of 2024, signaling a rebound for Qatar’s non-energy economy after a slowdown in late 2023.

Source : www.zawya.com