Qatar’s private sector once again registered a strong performance in April. The latest Purchasing Managers’ Index (PMI) survey data from Qatar Financial Centre (QFC) has signalled a record improvement in business conditions in the non-energy economy at the start of the second quarter. Output rose at the fastest rate since the series began in April 2017, while new orders expanded at the third-quickest rate in the series history.
The PMI 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.
Activity growth was especially strong in the construction sector. Despite buoyant market conditions and relatively weak rates of inflation, positive sentiment dipped to a new series low in April. The latest PMI data on Qatar’s financial services sector signalled a record improvement in output, underpinned by robust demand conditions.
The Purchasing Managers’ Index 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 previous PMI numbers have also demonstrated the resilience of Qatar’s economy. 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 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 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.
These figures show that the long term growth prospects of Qatar’s economy are bright and the economy is expected to grow at a faster pace over the next decade.
