Qatar's non-energy private sector experienced significant growth in May, as per the latest Purchasing Managers' Index (PMI) survey data from Qatar Financial Centre (QFC) compiled by S&P Global. Output and new orders surged at their fastest rates since the third quarter of 2023, with continued expansion in employment and an improved 12-month outlook. Inflation remained subdued, with input prices mostly unchanged and output charges rising modestly since April. The PMI, based on survey responses from approximately 450 private sector companies across various sectors, rose to 53.6 in May, up from 52.0 in April, indicating the strongest improvement in business conditions since September 2023. New business momentum grew notably, attributed to companies' reputations for high-quality products/services attracting new clients. Confidence for the next year increased, driven by development plans, marketing campaigns, and new product/service introductions. Output and new orders growth led to increased employment, while purchasing activity rose sharply, albeit with stable cost pressures. Financial services saw accelerated growth in May, with the steepest increases in total activity since May 2023, strengthened new business inflows, and improved 12-month outlook, alongside stable charges.
