Qatar’s Non-Energy Private Sector Sees Enhanced Growth

Qatar, 7 November, 2024 : Qatar's non-energy private sector experienced stronger growth in October, according to the latest Purchasing Managers’ Index (PMI) survey data from the Qatar Financial Centre (QFC), compiled by S&P Global. The PMI rose to 52.8, up from 51.7 in September, signaling renewed momentum. The increase was driven by a faster rate of demand growth, resulting in higher business activity and a significant build-up of outstanding work.

The outlook for activity over the next 12 months remains positive, and companies continued to invest in staffing by increasing employment and wages. Employment levels in non-energy sectors, particularly services, rose sharply, with the Financial Services Employment Index reaching a record high of 63.3. Despite rising staff costs, businesses did not pass on these costs to customers, as prices charged fell further.

Yousuf Mohamed Al Jaida, CEO of QFC Authority, noted that the rising employment and wages were key drivers of activity, with businesses boosting salaries to retain skilled staff in a competitive labor market. 

The PMI reflects responses from around 450 private sector companies in manufacturing, construction, wholesale, retail, and services. The overall PMI trend continues to point to strong growth in the non-energy economy as Qatar’s private sector remains robust.

Source : www.zawya.com