#Qatar's non-oil private sector posts record improvement in economic output | ZAWYA MENA Edition

Qatar's non-oil private sector posts record improvement in economic output | ZAWYA MENA Edition

Qatar has broken new records as its economic output continues to soar, increased at its fastest rate in more than four years, with companies in the non-oil private sector confident that workloads will continue to grow as the FIFA World Cup approaches.

Companies surveyed the Qatar Financial Centre (QFC) and IHS Markit monthly Purchasing Manager’s Index said they were strongly confident of rising workloads over the next 12 months as the index score broke a new record, reaching 62.2.

“Companies expected market conditions to improve further in 2022, with the forthcoming FIFA World Cup mentioned as an expected source of demand. By sub-sector, confidence was strongest among service providers,” the report said.

The report index score of 62.2 broke the previous record of 60.6 in September, with employment also increasing for the 13th successive month.

Output and new work both increased in October at the fastest rates since the survey began in April 2017, with activity growth especially marked in financial services and construction.