Qatar’s non-oil sector sees steady growth
The credit rating agency notes that readings signify expansion in manufacturing
Dubai: Non-oil business activities in Qatar remained stable in September, despite a decline in the Purchasing Managers’ Index (PMI) from 53.1 in August to 51.7 as reported by Qatar Financial Centre.
The PMI is an indicator of economic health for manufacturing and service sectors.
The latest report from the Qatar Financial Center, compiled by S&P Global, indicates that September’s PMI readings reflect continued growth in the non-energy private sector.
The credit rating agency notes that PMI readings above 50 signify expansion in business activities, while readings below that threshold indicate contraction.
Strengthening the non-hydrocarbon sector is essential for Qatar as it seeks to diversify its economy and reduce its dependence on oil.
As part of the National Vision 2030, Qatar aims to gradually decrease its reliance on hydrocarbon industries and empower the private sector to further drive economic growth.