RIYADH: Qatar’s non-oil economy continued its growth in September, as the nation gears up to host the 2022 FIFA World Cup, according to the latest Purchasing Managers’ Index survey data from Qatar Financial Center, prepared by S&P Global.
Qatar’s PMI stood at 50.7 in September, down from 53.7 in August, which indicates a softer improvement in business conditions in the nation’s non-energy sector.
S&P considers any readings above 50 as growth while those below 50 are marked as contraction.
According to the report, the rate of expansion in total activity gained momentum with output rising markedly in September.
The new orders, however, fell for the first time in 27 months, while back-to-back contractions were seen in employment and inventories due to demand retreat.
“Qatar’s non-oil economy continued to grow in September, rounding off another solid quarterly performance. There were, however, divergences in the latest data with a sharp and substantial increase in output contrasting with a renewed fall in demand,” said Yousuf Mohamed Al-Jaida, CEO of QFC Authority.
He added: “Anecdotal evidence suggested clients were placing orders on hold in preparation for the World Cup while Qatari businesses were at the same time increasing output in anticipation of greater demand.”