Qatar Financial Centre PMI: Non-energy growth remains strong in July

Qatar Financial Centre PMI: Non-energy growth remains strong in July

- Firms expand workforces and purchasing

- Inflationary pressures ease

Doha, Qatar – The latest Purchasing Managers’ Index™ (PMI™) survey data from Qatar Financial Centre (QFC) indicated a positive start to the second half of 2023. Output, new orders, employment and purchasing all expanded, and the 12-month outlook remained positive. Backlogged work continued to fall, albeit less so than in the first half of the year, while inflationary pressures eased.

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.

The headline Qatar Financial Centre PMI is a composite single-figure indicator of non-energy private sector performance. It is derived from indicators for new orders, output, employment, suppliers’ delivery times and stocks of purchases.

The PMI posted 54.0 in July, up slightly from 53.8 in June, indicating another strong improvement in business conditions. The latest figure was a superior outcome relative to the first half of 2023 (52.5) and remained well above the long-run trend of 52.3.

New business increased strongly in July. The rate of expansion moderated further since May but remained among