FIFA World Cup 2022 uplifted Qatar’s non-oil, retail and service sectors: Report
Qatar's wholesale, retail, and service industries witnessed a rapid expansion, leading to a record-breaking rise in the prices of products and services.
The FIFA World Cup sharply increased economic activity in Qatar during November and December 2022, according to the Purchasing Managers Index report released by the Qatar Financial Centre (QFC).
Qatar’s wholesale, retail, and service industries saw rapid expansion. This led to a record-breaking increase in the prices of products and services.
In December 2022, the private sector's non-oil output increased for the thirty-first month. Since November, the growth pace has mostly stayed the same.
There was also a sharp rise in the commercial activity of the financial services industry during December 2022. As per Fast Company, this has marked the sector’s most significant gain in nearly six years. Fees for services increased for the first time in six months and input prices paid by financial services companies climbed very slightly.
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There has also been a rapid increase in business activity fueled by the retail and services sectors.
“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,” Yousuf Al-Jaida, CEO of QFC Authority, commented.
Edited by Affirunisa Kankudti