Qatar Financial Centre PMI Report for May 2023

This report presents the findings of the Qatar Financial Centre Purchasing Managers' Index (PMI) for May 2023, indicating a continued growth momentum in the non-energy private sector economy. The PMI rose to 55.6, marking the strongest improvement in business conditions since July 2022. Key components contributing to this increase include output and new orders, with new business growth reaching its fastest rate in ten months. The report details that companies are ramping up hiring and purchasing activities, reflecting a positive sentiment in the market. Additionally, the Future Output Index improved, signaling increased confidence in the non-energy sectors, particularly in services, wholesale, and construction. However, the report also notes rising cost pressures, with input prices reaching an 11-month high. The data is compiled from survey responses of around 450 private sector companies, covering various sectors, and reflects the overall health of the non-energy economy in Qatar.