Qatari financial services companies recorded further sharp expansions in total business activity and new contracts in July, albeit at softer rates than in June. The seasonally adjusted Financial Services Business Activity and New Business Indexes posted 56.2 and 57.2 respectively, above the figures for the private sector economy as a whole.
Companies also remained strongly optimistic regarding the 12-month outlook, with sentiment unchanged since June at the highest level since July 2023. Meanwhile, employment growth was maintained for the sixteenth successive month.
In terms of prices, average charges set by financial services companies rose at the second-strongest rate since April 2023. Meanwhile, average input prices rose the most since June 2022.
Commenting on that, Chief Executive Officer of QFC Authority Yousuf Mohamed Al Jaida said: “The PMI remained firmly in growth territory in July, with the latest gains in output and new orders running broadly in line with their robust long-run averages.” “Growth
momentum eased at the start of the third quarter, though this correction was perhaps to be expected in the context of a surge in June when the PMI posted its second-highest level in the survey history when excluding the post-pandemic rebound and lead-up to the FIFA World Cup Qatar 2022. Financial services remained a bright spot in the economy, registering further sharp growth in new business and activity,” he said “July data also suggested an improvement in productivity, reflecting the combination of increased new orders, lower outstanding business and a slight reduction in employment. Companies highlighted investment in new technologies and training as key to their growth strategies,” Al Jaida added.
Purchasing Managers’ Index (PMI) surveys are now available for over 40 countries and for key regions including the Eurozone. They are the most closely watched business surveys in the world, favored by central banks, financial markets, and business decision-makers for their ability to provide up-to-date, accurat
e and often unique monthly indicators of economic trends. The Qatar Financial Centre PMI is compiled by S and P Global from responses to questionnaires sent to purchasing managers in a panel of around 450 private sector companies. The panel is stratified by detailed sector and company workforce size, based on contributions to GDP. The sectors covered by the survey include manufacturing, construction, wholesale, retail, and services.
Source: Qatar News Agency