(MENAFN- The Peninsula)
The Peninsula
Doha: The latest Purchasing Managers' index (PMI) survey data from Qatar financial Centre (QFC) compiled by S&P Global signalled a sustained growth in business conditions in Qatar's non-energy private sector in September.
The 12-month outlook for activity strengthened to the highest since March 2023 as demand for goods and services continued to increase, leading to a build-up in outstanding business.
Companies boosted capacity by increasing employment at a survey-record rate.
In tandem, wage inflation also reached a record high.
Overall cost pressures were the highest in over four years, but charges for goods and services fell sharply.
Yousuf Mohamed Al Jaida, Chief Executive Officer, QFC Authority commented:“Although the headline PMI eased in September, on the whole, the latest survey results show a number of positive developments for the Qatari non-energy economy. The pause in the overall growth of output wholly reflected the construction sector, with growth sustained in manufacturing, services, finance, wholesale and retail. There was a series-record increase in employment during the month as firms sought to expand capacity to address rising backlogs.
Yousuf Mohamed Al Jaida, Chief Executive Officer, QFC Authority
“Qatar's financial services recorded strong growth in September, the fastest growth since August 2022, showing rapid improvement in demand conditions. The 12-month outlook continued to brighten, as firms mentioned investment in key sectors such as construction, real estate and tourism. September data also showed a record increase in wages, which should boost consumer demand.”
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.
MENAFN07102024000063011010ID1108752209
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.