Saudi Arabia to continue 1 mbpd output cut until December

Saudi Arabia to continue 1 mbpd output cut until December
Saudi Arabia to continue 1 mbpd output cut until December

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Jeddah - Yasmine El Tohamy - RIYADH: The non-oil private sector in Qatar continued to maintain its healthy growth in October, as the country’s Purchasing Managers’ Index hits 50.8, driven by improving business conditions. 

Compiled by S&P Global, the latest survey data from Qatar Financial Center, however, revealed that the newly released figure is down compared to 53.7 recorded in September. Nevertheless, overall growth has been maintained since February. 

PMI is a composite single-figure indicator of non-energy private sector performance. It is derived from indicators for new orders, output, employment, suppliers’ delivery times and stocks of purchases. 

The latest period saw the headline figure dipping below its long-run average of 52.3 in 2017. 

“Business conditions in Qatar’s non-energy private sector economy continued to improve moving into the final quarter of 2023, albeit at a slightly reduced tempo,” said QFC CEO Yousuf Mohamed Al-Jaida in the report. 

He added: “The three main indicators for output, new orders and employment all registered further expansions in October, and companies remained optimistic about the 12-month outlook.”  

The report revealed that activity and new businesses in the Gulf country both rose for the ninth month in a row, with strong demand at wholesalers and retailers in particular. Nevertheless, the overall rate of expansion eased since September. 

Additionally, non-oil private sector employment expanded for the eighth month until October as the outlook remains positive. 

This rise was mainly attributed to recruitment, driven by construction firms and manufacturers, who also held the strongest 12-month outlooks for activity during the month. 

On the other hand, while profitability improved as companies elevated the prices linked to their goods and services at the swiftest rate since February, input prices have fallen for the first time in 10 months. 

“While business volumes increased at a slower pace, the latest data suggested that firms’ profits improved as the input and output price sub-indices moved in opposite directions,” Al-Jaida highlighted. 

The CEO added that the service charges rose for the second month, running at the fastest rate in six months. 

“Data on financial services suggested the sector continued to outperform the wider economy in October. There was further strong growth in activity and new contracts with the respective indices posting 58.3 and 55.0,” he disclosed. 

The PMI report is compiled from survey responses from a panel of around 450 private sector companies. 

The index covers the manufacturing, construction, wholesale, retail and services sectors, and it reflects the structure of the non-energy economy according to official national accounts data. 

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