RIYADH: Qatar’s non-energy private sector continued to see improved business conditions at the end of 2023, with the latest Purchasing Managers’ Index survey data indicating an acceleration in growth. Released by the Qatar Financial Centre, the PMI registered 51.5 in November, up from 50.8 in October, marking the first acceleration in growth since July. This also marked the tenth consecutive month-on-month improvement in business conditions. Total business activity among Qatari non-energy private sector firms rose in November, maintaining a positive trend that has persisted since July 2020, with a brief correction in January following the FIFA World Cup Qatar 2022. Yousuf Mohamed Al-Jaida, CEO, of QFC Authority, said: “The rise in the headline PMI is welcome news towards the end of 2023, reflecting faster rates of expansion in both new business and output.” He noted that the financial services in particular remain a bright spot. “The PMI is currently trending at 52.6 in 2023 so far, representing a softer rate of economic growth compared with last year during the lead-up to the FIFA World Cup Qatar 2022, but still above its long-run trend of 52.3,” added Al-Jaida. Additionally, the rates of expansion in output and new business accelerated since October. The report noted that the increase in new business was significant enough to result in a rise in the level of outstanding business for the first time in over a year, despite continued growth in employment. Qatar’s PMI indices, compiled by S&P Global, are derived from survey responses across a panel of about 450 private sector companies. In November, the report noted that supply chains exhibited continued improvement, with lead times for inputs shortening for the nineteenth consecutive month. Purchasing of inputs expanded for the ninth straight month, reaching its fastest rate in four months, as firms sought to address rising backlogs. Input stocks saw an increase for the first time in three months as a result. Despite an overall slight rise in cost pressures at Qatari firms in November, which followed a decrease in October, the rate of input price inflation remained relatively weak, the report added.