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Non-energy business conditions in Qatar strengthened in August with wages growing at the fastest rate on record and employment growth reaching near record levels.
The headline index for the month rose to 53.1, above the long-run average of 52.3 and July’s 51.3. Anything above 50.0 indicated strengthening business conditions.
Demand for goods and services strengthened, driving a near record increase in employment, following a decline in July, the report by the Qatar Financial Centre (QFC) said, while wages grew at the fastest rate on record.
Overall cost pressures were the highest in four years, while charges for goods and services fell slightly.
The 12-month outlook improved notably during the month, the report said, with recruitment influenced by a strengthening demand for Qatari non-energy goods and services.
The level of incoming new orders expanded for the 18th time in 19 months, and at a strong rate that outperformed the long-run survey trend.
Companies continued to reduce the volume of outstanding orders, but at the slowest rate in the current seven-month sequence of backlog depletion, with confidence regarding the next 12 months reaching the highest since March 2023.
Purchasing activity increased for the sixth successive month.
The report said Qatari financial companies recorded booming demand for their services in August, with the seasonally adjusted financial services new business index up sharply from 57.2 to 62.9.
However, average charges set by financial services companies fell for the first time in four months.
(Reporting by Imogen Lillywhite; editing by Seban Scaria)