The latest Purchasing Managers’ Index (PMI) released this week shows the confidence among companies regarding the future growth prospects in the Qatari economy.
The stand-out figure from the latest survey was a sharp rise in the employment. Private sector companies in the non-hydrocarbon sector increased headcounts at the strongest rate since the survey began in April 2017.
This reflects the role played by the private sector in the implementation of Qatar’s national strategies in line with the Qatar National Vision 2030.
At 50.5 in January, up from 50.1 in December, the latest Qatar Financial Centre PMI indicated a solid improvement in overall business conditions across the non-oil and gas private sector. Driving the latest improvement was a record increase in employment, while both short-term output and new business measures ebbed slightly. Businesses remained strongly confident regarding expected activity at the start of 2019.
The headline figure derived from the survey is the PMI, readings of which above 50.0 signals an improvement in business conditions on the previous month, while readings below 50.0 show a tightening.
The survey shows that several companies have increased staff levels substantially in preparation of launching facilities in manufacturing, retail, and other broad non-oil activities. This notable expansion of activities is due to the combination of existing firms ramping up production in order to cater to their broadened international clientele as well as commencing operations of 40 new Qatari-owned manufacturing facilities set up after the blockade.
This means that the siege did not affect Qatar in any ways and it is a blessing in disguise for Qatar to realise its potential and achieve self reliance. The country also withstood all efforts by the siege countries to harm this great nation’s sovereignty.
The survey also shows that the business expectations remained strongly positive in January, despite a moderation compared with December. The Future Output Index remained above its trend level since the survey started in April 2017. Companies widely commented on upcoming projects, partly linked to government tenders and the football World Cup in 2022. In another sign of positive demand expectations, Qatari firms built up input stocks at the fastest rate on record, the survey added.
It is to be mentioned that the trend shows that more public-private partnerships will emerge with the continued efforts and new initiatives taken by the wise leadership of the country.
Various data showed that Qatar’s economy was growing by 2.8 percent in 2018 and will see a growth of 3 percent and above by 2020, the highest of its kind in the region.
