Business
Sustained new business help Qatar report solid improvement in non-energy private sector: QFC PMI
December 03, 2024 | 02:27 PM
Sustained growth in new business and total activity led Doha report solid improvement in business conditions in the non-energy private sector in November, according to the Qatar Financial Centre (QFC).The 12-month outlook for activity remained stronger than the long-run survey trend as firms mentioned Qatar's attractiveness to international investment, said the QFC's purchasing managers index (PMI).The headline PMI -- a composite single-figure indicator of non-energy private sector performance -- edged up to 52.9 in November, from 52.8 in October, signalling stronger overall growth in business conditions in the non-energy private sector economy.The rise in the headline figure in the latest survey took it further above the long-run survey average of 52.3 (since April 2017).The rise in the PMI since October mainly reflected a faster increase in business activity, a survey-record increase in stocks of purchases and a softer improvement in suppliers' delivery times.The Qatar PMI indices, compiled from survey responses from a panel of around 450 private sector companies, covers the manufacturing, construction, wholesale, retail, and services sectors, reflecting the structure of the non-energy economy according to official national accounts data.Inflows of new business expanded for the eleventh month running, linked to improving market conditions, marketing efforts, and developing client relationships.Outstanding business decreased for the first time in three months as capacity was expanded."New business and output expanded further, while the labour market remained robust. Over the past three months, the Employment Index has registered the highest levels in the survey history," QFC Authority chief executive officer Yousuf Mohamed al-Jaida.Demand for workers and efforts to retain experienced staff have been reflected in the survey data for wages, with the staff costs Index remaining higher than at any time prior to August, according to him.Qatar's non-energy private sector labour market remained very strong in November, it said, adding over the past three months employment has risen more quickly than at any other time in the survey history.This was accompanied by further strong wage inflation, with November's increase the third-fastest on record following on from September and October.Companies reported boosting salaries to retain experienced and skilled staff in a highly competitive market. Overall cost pressures remained strong but eased from October's four-year high.In contrast, prices charged for goods and services fell for the fourth consecutive month as firms sought to raise competitiveness.
December 03, 2024 | 02:27 PM