Upturn in business conditions gains momentum in May

Doha, Qatar: The upturn in Qatar s non energy private sector gained notable momentum in May, according to the latest Purchasing Managers Index (PMI)...

Doha, Qatar: The upturn in Qatar’s non-energy private sector gained notable momentum in May, according to the latest Purchasing Managers’ Index (PMI) survey data from Qatar Financial Centre (QFC) compiled by S&P Global. Output and new orders increased at the fastest rates since the third quarter of 2023, companies continued to expand employment and the 12-month outlook improved. Inflationary pressures remained muted, with input prices broadly unchanged and output charges up only modestly since April.

Yousuf Mohamed Al Jaida (pictured), Chief Executive Officer, QFC Authority commented, “The May results clearly indicate that the non-energy private sector has moved up a gear as we approach the halfway point of 2024. Growth rates for output and new orders accelerated notably, and companies became more optimistic regarding the next 12 months.

“Both the wholesale and retail and the services sectors continued to drive expansion in May, and financial services remained a bright spot.

“Although there was a rise in output prices in May, inflationary pressures broadly remained in check and suppliers’ delivery times continued to improve.”

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.