Qatar’s non-energy private sector reported steady growth in December 2024, with the Purchasing Managers’ Index (PMI) compiled by S&P Global for Qatar Financial Centre (QFC) unchanged at 52.9.
The PMI, which measures performance across key indicators such as output, new orders, employment, supplier delivery times, and stock levels, remained above its long-run average of 52.3. Employment and wages rose at record rates for the fourth consecutive month, driven by increased demand and efforts to address backlogged work.
Input cost inflation eased further from October’s peak despite continued wage pressures. Companies lowered prices for goods and services for the fifth month to support sales, though the reductions were minimal.
New business volumes supported increased outstanding work, with inventory levels rising as firms anticipated higher sales in 2025. The financial services sector recorded strong growth, with the Future Activity Index rising from 62.1 in November to 68.3 in December. This marked the 42nd month of consecutive expansion in activity and new business.
Employment in financial services continued to rise, though at a slower rate than in previous months. Average input prices increased compared to November, while pricing cuts for services eased.
QFC Authority CEO Yousuf Mohamed Al Jaida noted that new business growth and sustained hiring supported increased work backlogs and inventory buildup, reflecting preparations for expected sales growth in the coming months.
The Qatar PMI survey, based on responses from 450 private sector companies across manufacturing, construction, wholesale, retail, and services, tracks the structure of the non-energy economy and is monitored for monthly economic trends.
