(MENAFN- Gulf Times) Higher average selling prices, particularly for crude and natural gas as well as certain manufactured products, led Qatar witness a stupendous 93.8% surge year-on-year in the earnings of the domestic producers in June 2021, according to the official estimates.
Qatar's PPI or producers price index — a measure of the average selling prices received by the domestic producers for their output — saw 8.5% expansion on monthly basis, said the figures released by the Planning and Statistics Authority (PSA).
The PSA had released a new PPI series in late 2015. With a base of 2013, it draws on an updated sampling frame and new weights. The previous sampling frame dates from 2006, when the Qatari economy was much smaller than today and the range of products made domestically much narrower.
The mining PPI, which carries the maximum weight of 72.7%, reported a robust 119.5% increase year-on-year in June 2021 as the selling price of crude petroleum and natural gas was seen soaring a high 119.9%; even as that of stone, sand and clay declined 5.8%.
The mining PPI registered a 9.9% increase on a monthly basis in June this year on the back of a 9.7% expansion in the selling price of crude petroleum and natural gas but on 0.8% decline in that of stone, sand and clay.
The manufacturing sector, which has a weight of 26.8% in the PPI basket, witnessed a 58.4% growth year-on-year in June 2021 on a 88.5% surge in the price of basic chemicals, 62.6% in refined petroleum products, 33% in basic metals, 15.3% in paper and paper products, 11.4% in rubber and plastics products, 2% in juices, 1.8% in other chemical products and fibres, 0.5% in dairy products and 0.3% in beverages.
Nevertheless, there was a 6.6% decline in the average price of cement and other non-metallic mineral products and 1.7% in grain mill and other products.
The manufacturing sector PPI had seen a monthly 6.1% expansion in June 2021 as the average selling price of basic chemicals shot up 10.2%, refined petroleum products (6%), cement and other non-metallic mineral products (2.5%), dairy products (1.2%), basic metals (1.1%), juices (0.8%) and beverages (0.7%).
However, there was a 0.4% decline in the average of price of grain mill and other products and 0.3% in rubber and plastics products.
The utilities group, which has a mere 0.5% weightage in the PPI basket, saw its index soar 10.8% year-on-year because there was a 13.3% increase in the average selling price of water and 8.2% in electricity in June 2021.
The index had seen a 1.6% jump month-on-month this June with the average selling price of water expanding 4.3%; whereas that of electricity was down 1%.
MENAFN29072021000067011011ID1102538939
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.