DOHA: Confidence regarding the next 12 months remained strong in October, with sentiment the second highest since early-2023. Positive forecasts were linked to improving market conditions, population growth, real estate investment, new products, marketing, and tourism. According to Qatar News Agency, competition among suppliers and good relationships led to another reduction in average lead times in October. Inventory levels rose, leading to a downward adjustment in purchasing activity. There was a further marked increase in demand for Qatari financial services in October, driving a record increase in employment in the sector. The seasonally adjusted Financial Services Employment Index rose to 63.3, from 60.9 in September, the highest since the series began in April 2017. New business expanded at a relatively strong rate. Companies were strongly optimistic regarding the 12-month outlook, with sentiment at the second-highest level since early-2023. Total financial services activity increased at a faster rate . In terms of prices, average charges set by financial services companies fell for the third month running, while average input prices rose the most since July 2020. Yousuf Mohamed Al-Jaida, Chief Executive Officer of QFC Authority, noted that the headline PMI rose to 52.8 in October, surpassing the average for the third quarter and indicating renewed momentum in the non-energy sector. New business growth accelerated, driving total activity higher and leading to a faster build-up in outstanding work. He highlighted the booming labor market as a key theme, with firms reporting increased salaries to boost capacity and retain skilled staff. Despite higher staff costs, prices charged to customers continued to decline in October.
Wednesday, November 06, 2024