QATAR'S economy is growing at an impressive pace overcoming the challenges caused by COVID-19 pan-demic. Data released this week by Qatar Financial Centre (QFC) and Planning and Statistics Authority has signalled further momentum in the economic recovery.
The Producer Price Index of Industrial Sector (PPI) for January, 2021 is estimated at 93.32 points showing an increase of 0.71 percent, when compared to the previous month’s December 2021.
On year-on-year basis, PPI of January 2022 showed an increase of 62.86 percent when compared to the PPI of January, 2021, according to the data released by Planning and Statistics Authority.
Similar positive trend was witnessed from private sector expansion. The Purchasing Managers’ Index (PMI) survey data from QFC has indicated a swift rebound in growth in the non-energy private sector in February.
The rates of expansion in output, new orders and backlogs of work all re-accelerated and were among the fastest registered throughout the near five-year history of the survey. Moreover, employment rose for a record seventeenth successive month, and the 12-month outlook improved as firms continued to report opportunities linked to the FIFA World Cup.
The PMI rebounded from January’s six-month low of 57.6 to 61.4 in February, indicating a rapid improvement in overall business conditions. The 3.8-point rise in the headline figure recovered all the loss registered in the opening month of 2021 and was the third-largest month-on-month gain in the survey history.The Qatar PMI indices are compiled from survey responses from a panel of around 450 private sector companies.
The panel covers the manufacturing, con-struction, wholesale, retail, and services sectors, and reflects the structure of the non-energy economy according to official national accounts data.
The previous PMI numbers have also demonstrated the resilience of Qatar’s economy. The PMI increased to a new record high for the second month running at 62.2 in October 2021, from 60.6 in September 2021.
This indicated the strongest overall improvement in non-energy sector business conditions since the survey began four-and-a-half years ago.Various sectors of the economy, including industrial production, hospitality, automobile, real estate and mar-itime, are showing signs of strong rebound in activity.
The recovery in Qatar’s economy is consistent and is unmatched in the region. The long term growth pros-pects of Qatar’s economy are bright and the economy is expected to grow at a faster pace over the next decade
