The pace of Qatar’s economic recovery continues to strengthen. Many indicators have validated the strong recovery of the country’s economy. The latest Purchasing Managers’ Index (PMI) data from the Qatar Financial Center (QFC) continued to point to rapid growth in the non-energy private sector in July.
The PMI remained well in expansion territory in July at 61.5. This figure has eased considerably from the previous record in June, but remains among the highest in the survey, which began in April 2017. The expansion rates of total activity, new works and business in progress have all decreased slightly compared to June, but remain among the fastest on record. throughout the more than five-year history of the survey. Meanwhile, membership has increased slightly while sentiment has moderated somewhat.
Qatar is one of the most stable, resilient and competitive economies in the world – powered by a rigorous diversification agenda, a dynamic environment for innovation and a business-friendly ecosystem. It enjoys a world-class climate for business and investment.
The growth recorded by the economy is the result of many proactive measures taken by government departments and agencies. Many indicators have indicated that the country’s economy is on solid footing.
Previous PMI data also confirmed the strong economic recovery in the economy. The Purchasing Managers’ Index remained unchanged at 67.5 in June, signaling a second straight record for overall economic conditions in Qatar’s non-oil sector. The PMI hit a new high of 63.6 in April, down from 61.8 in March. This indicates the strongest overall improvement in economic conditions in the non-energy sector since the survey began just over five years ago.
Other data also confirmed the resilience of Qatar’s economy. According to preliminary figures released by the Planning and Statistics Authority, as of May 2022, total merchandise exports, including domestically-produced merchandise exports and re-exports, amounted to around 45.3 billion USD. QR, an increase of 81.9% compared to May 2021, and an increase of 4.3% compared to April 2022.
Qatar’s external merchandise trade balance, which is the difference between total exports and imports, showed a surplus of QR 36.6 billion in May 2022, registering an increase of about QR 20 billion or 120, 1% compared to the corresponding period of last year (May 2021).
Developments in the issuance of construction permits in the country indicate the strength of the construction sector. The total number of building permits issued reached 3,766 in the first five months of this year, according to data from the Planning and Statistics Authority. All indicators show the strength of Qatar’s economy.