PMI Rises To Six-Month High
(MENAFN- The Peninsula) The Peninsula
Doha: The latest Purchasing Managers' index (PMI) survey data from Qatar financial Centre (QFC) for February indicated a rebound in business activity as demand improved. This drove firms' expectations for the next 12 months to the highest since September 2019.
The Qatar PMI indices are compiled from survey responses from a panel of around 450 private sector companies.
The panel covers the manufacturing, construction, wholesale, retail, and services sectors, and reflects the structure of the non-energy economy according to official national accounts data.
The headline Qatar Financial Centre PMI is a composite single-figure indicator of non-energy private sector performance. It is derived from indicators for new orders, output, employment, suppliers' delivery times and stocks of purchases. The PMI posted a marked increase from 45.7 in January to 51.9 in February, indicating a resurgence in overall business conditions following a brief correction at the start of 2023 following the FIFA World Cup Qatar 2022TM tournament. The month-on-month rise in the headline figure, at 6.2 points, was the second-largest observed since the series began in April 2017 and the largest outside the pandemic era (the biggest ever rise of 17.7 points occurred in July 2020).
The main boosts to the headline PMI were renewed growth in output and new business, which both increased at rates broadly comparable with their long-run averages following corrections in January. There was a notable rebound in demand in the wholesale & retail sector.
Forward-looking data continued to highlight improving prospects for the non-energy private sector in February.
The Future Output Index rose for the seventh month running to a 41-month high of 82.7, indicating a strong degree of optimism.
The Index has risen by a combined 21 points in 2023 so far, the largest two-month gain over the series history. Confidence improved in all four main sectors in February, with the strongest overall sentiment seen among manufacturers. Anecdotal evidence provided by respondents widely mentioned the initiation of new projects and successful marketing campaigns.
Yousuf Mohamed Al Jaida (pictured), Chief Executive Officer, QFC Authority:“The latest set of results suggest that business conditions in the non-energy private sector have normalised following a correction at the start of the year, with the February headline PMI reading of 51.9 broadly in line with the long-run average of 52.2.
MENAFN07032023000063011010ID1105720333
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.