RIYADH: Qatar’s non-oil private sector continued its healthy growth in October as the country’s Purchasing Managers’ Index rose to 50.8 on improving business conditions.
However, the latest data from the Qatar Financial Center survey, compiled by S&P Global, showed that the newly released figure was down from 53.7 recorded in September. However, overall growth has been maintained since February.
The PMI is a single-digit composite index of non-energy private sector performance. It is derived from indicators of new orders, output, employment, supplier delivery time and purchase inventory.
In the most recent period, this number fell below the long-term average of 52.3 in 2017.
Business conditions in Qatar’s non-energy private sector economy continued to improve heading into the final quarter of 2023, albeit at a slightly reduced pace, QFC CEO Yusuf Mohammed Al Jaideh said in the report.
He added: The three main indicators of production, new orders and employment all registered higher growth in October and companies were optimistic about the 12-month outlook.
The report showed that activity and new businesses in the Gulf country both increased for the ninth consecutive month, with wholesalers and retailers in particular showing strong demand. However, the overall rate of expansion has slowed since September.
Additionally, non-oil private sector employment rose for the eighth month through October as the outlook remains positive.
The increase was mainly due to hiring by construction firms and manufacturers, which also had their strongest 12-month outlook for activity during the month.
On the other hand, while profitability improved as companies raised the prices of their goods and services at the fastest rate since February, input prices fell for the first time in 10 months.
Al-Jaideh emphasized that while the volume of business increased at a slower pace, the latest data shows that the profits of companies have improved with the movement of input price and production sub-indices in the opposite direction.
The CEO added that service charges rose for the second straight month and ran at the fastest rate in six months.
Financial services data showed that the sector continued to outperform the economy as a whole in October. He revealed that more robust growth in activity and new contracts was recorded with the respective indices at 58.3 and 55.0.
The PMI report is compiled from the survey responses of a panel of about 450 private sector companies.
The index covers the manufacturing, construction, wholesale, retail and service sectors and reflects the structure of the non-energy economy based on official national accounts data.
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