9 hours ago
Doha: The Purchasing Managers’ Index (PMI) in Qatar recorded the fifth-highest reading ever last February, according to a report by IHS Markit, released on Wednesday.
The index measures the performance of the non-oil private sector, and its reading in February shows that the sector’s strong expansion will continue in the first quarter of 2021.
IHS Markit said in its report, that the indicators of production and new orders recorded an increase at an accelerated pace, while the employment index witnessed a rise for the fifth consecutive month in the history of the study with the continued increase in demand.
The PMI registered 53.2 points in February 2021, down slightly from the previous month’s reading of 53.9.
A rise in the index above 50 points means that there is expansion, while a drop below this level indicates that there is contraction.
According to the report, supply chains remained stable despite companies ramping up purchasing activities, and companies were able to maintain high levels of unfinished business.
Expectations for the production index remained positive over the next 12 months, while companies raised the prices of goods and services at the fastest rate on record since the study began in April 2017.
The report continued: “The PMI data reflects that the non-oil sector in Qatar is recovering well, and the recovery in official figures for GDP is strengthened.”
The Qatari economy has shown resilience to the repercussions of the Covid-19 virus, thanks to the government’s $ 21 billion stimulus package, which helped to overcome the crisis smoothly.
The PMI is based on 5 main pillars, which are new orders, inventory levels, production, supplier delivery volume, and employment and work environment.