Qatar’s retail sector has reaped immense profits in December and November-all thanks to the Fifa World Cup 2022, according to the country’s Financial Centre’s latest Purchasing Managers Index (PMI) survey.
Retailers in Qatar registered staggering expansion activity driving a record overall increase in prices charged for goods and services.
The index was at 69.0 throughout the entire 2022 which represented the highest figure in the survey’s history compared to a long-run trend of 54.8.
Qatar’s PMI is a composite single-figure indicator of non-energy private sector performance that draws on data on new orders, output, employment, suppliers’ delivery times and stock of purchases.
The PMI surged for the second month in a row from 48.8 in November to 49.6 in December which signalled the rapid revitalisation of non-energy private sector business conditions at the end of the last year.
CEO of the business centre QFC Authority, Yousuf Al-Jaida, said: “The Fifa World Cup Qatar 2022 makes its mark on the Qatari economy in December, with another rapid increase in business activity fueled by the retail and services sectors. The December data round off a stellar 2022 with the Output Index and headline PMI trending at 69.0 and 57.7 respectively, the highest annual averages since the survey began in 2017.
“The tournament’s legacy is also looking secure, with widespread reports from companies of post-competition business opportunities and an expected permanent boost to tourism. The Future Activity Index, tracking the 12-month outlook, rose to a 29-month high in December.”
According to the Oxford Business Group, Qatar’s retail sector fared well in 2020 and 2021 despite the global slowdown. While shopping outlets were forced to close in the spring of 2020, reopening began as early as that summer.
“Because many visitors have witnessed for themselves what Qatar has to offer during their stay for the FIFA World Cup, this creates a positive impact on the retail industry, as well as other sectors in the country,” he explained.
