Record high output, new orders, purchasing activity point to rapid expansion in Qatar’s non-oil economy: NBK

Fast enlargement in Qatar’s non-oil financial system is seen in file excessive output, new orders and buying exercise primarily based on June’s headline Buying Managers’ Index (PMI), Nationwide Financial institution of Kuwait has mentioned in its newest financial replace.
Qatar’s headline PMI hit a brand new excessive in June of 67.5 (63.6 in Could), NBK mentioned.
Elsewhere within the GCC area, in Kuwait, the parliamentary price range and shutting accounts committee accredited the FY22/23 price range primarily based on spending of KD23.1bn (5% larger than the preliminary draft) and revenues of KD23.4bn, the latter additionally upwardly revised, on the next oil value assumption of $80/barrel. A small surplus of KD0.3bn is predicted, NBK mentioned.
In the meantime, Moody’s ranking company expects the federal government to run fiscal surpluses over the following two years. This could result in a stronger authorities steadiness sheet and monetary buffers, NBK mentioned.
In Saudi Arabia, the unemployment charge continued to development decrease, falling to 10.1% in Q1,22 from 11% in This fall,21, however the labour participation charge worsened to 50.1% from 51.5% in the identical interval.
In the meantime, it was reported that Saudi Central Financial institution (SAMA) positioned round SR50bn with native banks to ease a liquidity squeeze attributable to credit score outpacing deposit progress over the previous two and a half years.
By way of Could, credit score progress stood at 14.1% year-on-year (y-o-y) whereas deposits rose by 8.9%.
Within the UAE, Dubai recorded 6.2mn guests throughout January-Could, virtually 3 times as many in comparison with the identical interval in 2021 and solely 14% beneath 2019 ranges.
In the meantime, petrol costs within the UAE had been raised once more in July, for the fifth time this 12 months.
On oil, NBK famous Brent closed down 1.3% final week at $111.6/b (+43.5% ytd), with international recession fears outweighing additional supply-side tightness considerations, this time as a result of outages in Libya. June was oil’s first month-to-month loss since November.
In the meantime, Opec+ ratified its earlier resolution to totally unwind provide cuts by August on the larger month-to-month charge of 648,000bpd (in July and Aug).
Past that, the alliance’s subsequent transfer stays unsure, NBK famous.