The pace of recovery in Qatari economy continues to grow stronger. Many indicators have validated the strong recovery in the country economy. The latest Purchasing Managers’ Index (PMI) survey data from Qatar Financial Centre (QFC) continued to signal rapid growth in the non-energy private sector in July.
The PMI remained well within expansion territory in July at 61.5. This eased notably from June’s previous record high but was still among the strongest in the survey, which began in April 2017. The rates of expansion in total activity, new work and outstanding business all eased slightly compared with June but were still among the fastest registered throughout the survey’s more than five-year history. Headcounts meanwhile rose marginally while sentiment moderated somewhat.
Qatar is one of the most stable, resilient, and competitive economies in the world - powered by a rigorous diversification agenda, a vibrant environment for innovation, and a business-friendly ecosystem. It boasts a world-class climate for business and investment.
The growth registered by the economy is the result of many proactive measures taken by the government departments and agencies. Many indicators have indicated that the country’s economy is on a strong footing.
Previous PMI data have also confirmed the strong economic recovery in the economy. The PMI was unchanged at 67.5 in June, thereby signalling a second successive record in overall business conditions in Qatar’s non-oil sector. The PMI had increased to a new record high of 63.6 in April, up from 61.8 in March. This indicated the strongest overall improvement in non-energy sector business conditions since the survey began just over five-years ago.
Other data have also confirmed the resilience of Qatar’s economy. According to preliminary figures released by the Planning and Statistics Authority, in May 2022, the total exports of goods including exports of goods of domestic origin and re-exports amounted to around QR45.3bn, showing an increase of 81.9 percent compared to May 2021, and an increase of 4.3 percent compared to April 2022.
Qatar’s foreign merchandise trade balance, which represents the difference between total exports and imports, showed a surplus of QR36.6bn in May 2022, registering an increase of about QR20bn or 120.1 percent compared to the corresponding period last year (May 2021).
The trend in the issuance of building permits in the country indicates the strength of the construction sector. Total building permit issuance has reached 3,766 during the first five months of this year, according to Planning and Statistics Authority data. All the indicators demonstrate the strength of Qatar’s economy.
