Mubasher: Qatar’s non-oil and gas private sector registered robust growth in January, according to the latest Qatar Financial Centre (QFC) Purchasing Managers’ Index (PMI).
Qatar's Purchasing Managers’ Index (PMI) rose to 50.5 points in January, from 50.1 points in the prior month, the survey, which has been prepared and conducted for the QFC by IHS Markit since April 2017, showed on Tuesday.
The PMI reading above 50 signals an improvement in business conditions on the previous month, while reading below 50 indicates contraction.
The improvement in the index was driven by the record hike in employment, according to the QFC’s statement.
The GCC nation’s non-oil and gas private sector has witnessed improved business conditions, while both short-term output and new business measures declined slightly.
The gas-rich country’s non-hydrocarbon private sector witnessed robust employment growth, hitting the highest level in jobs since the series began in April 2017.
This led the PMI to rise to a six-month high, despite the slight decrease in output and new business.
“The PMI remains at a level broadly consistent with the Qatari economy growing at an annual rate just under 2%,” the statement added.
This remarkable expansion is ascribed to the increased production of Qatari firms to cover the rising requirements of foreign customers and the launch of operations for 40 new Qatari-owned industrial facilities.
Although the output index hit its highest level in the fourth quarter of 2018, a slight slowdown in business activity was seen in January.