Riyadh: Qatar’s Industrial Sector Sees Growth in Producer Price Index
In February, Qatar’s producer price index for its industrial sector rose by 1.03 percent compared to the previous month, according to data released by the country’s Planning and Statistics Authority.
However, there was a decrease of 8.6 percent in the PPI compared to February 2023. The mining sector, which holds a significant weightage of 82.46 percent in the index, played a crucial role in the monthly growth.
Specifically, the PPI for mining and quarrying increased by 0.9 percent, driven by a 0.91 percent rise in the production of crude petroleum and natural gas. On a yearly basis, the PPI for mining witnessed a 9.18 percent decrease due to declining prices.
Manufacturing Sector Shows Increase in February
The manufacturing sector recorded a 1.95 percent increase in February compared to January. Notable price hikes were observed in rubber and plastics products, refined petroleum products, and basic metals.
However, the overall manufacturing PPI exhibited a substantial 7.12 percent decrease compared to February 2023, with chemicals and chemical products and basic metals being major contributors to this decline.
Electricity Sector Sees Growth, Water Supply Declines
The data for electricity, gas, steam, and air conditioning supply showed a commendable 0.46 percent hike compared to January, with a 9.9 percent growth on a year-on-year basis. In contrast, water supply witnessed a 1.49 percent decrease compared to January.
Foreign Trade Balance and Exports/Imports Update
Aggregate exports of goods in February reached approximately 28.2 billion Qatari riyals, marking a decline from the previous year. Goods imports amounted to around 10.1 billion riyals, showing a decrease from January but a rise compared to the same month in 2023.
The foreign merchandise trade balance displayed a surplus of nearly 18.1 billion riyals in February, indicating a decrease from the previous year but an increase from January.
Role of Qatar’s Planning and Statistics Authority
The Planning and Statistics Authority oversees Qatar’s vision, collaborates on development strategies, prepares population policies, and supports government planning. It establishes a comprehensive statistical system, conducts censuses and surveys, and disseminates statistical data to align development priorities with the state budget.