FX.co ★ Qatar Non-Oil Private Sector Growth Eases

Qatar's S&P Global Purchasing Managers' Index (PMI) experienced a decline to 51.4 in July 2025, down from 52.0 in June, which marked a three-month high. This suggests a deceleration in the growth of the non-energy private sector. Despite the reduction, the index still remained slightly above the 2025 trend level of 51.2. The slowdown in growth can be attributed to a sharper drop in new orders, reduced output growth, and faster times for supplier deliveries, with output witnessing only a marginal increase. These elements were partly counterbalanced by stronger growth in employment and an expansion in input inventories, with job creation achieving the second-highest recorded level. Despite significant staffing increases, work backlogs continued to grow. On the pricing front, selling prices decreased for the twelfth consecutive month, with the deflation rate reaching its most rapid since September 2024. Lastly, business sentiment weakened, hitting its lowest point in a year.