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Qatar’s Business Optimism Index for Q3 not encouraging: Survey

Published : July 27, 2011 – The Peninsula

Doha: Qatar’s Business Optimism Index for the third quarter (Q3) this year has not been forecast to be encouraging, according to the findings of the survey conducted by Dun and Bradstreet South Asia Middle East Ltd (D&B) in collaboration with the Qatar Financial Centre (QFC) Authority.

Yousuf Al Jaida, Director- Banking and Asset Management- Strategic Development and Manjeet Chhabra, General Manager of D&B for the Middle East region, released the findings of the survey at a press conference here yesterday.

While discussing the results of the survey, they said: “These findings reflect the expected quarterly retrenchment for the non-hydrocarbon sector growth in Qatar primarily due to the current global economic uncertainties. At the same time they also show the well-documented continued strength of the oil and gas sector, forecast by the International Monetary Fund (IMF) to grow 29.5 percent in 2011 on the back of a 22.7 percent real growth in 2010”.

According to D&B, during this study, the top management of about 500 businesses were interviewed from different sectors (hydrocarbon and non-hydrocarbon) to conduct the survey. The key findings reveal that the Composite Index for the non-hydrocarbon sector has dropped to 27 in the quarter third of this year because of the weak global cues. All the six parameters, namely, Volume of Sales, New Orders, Level of Selling Prices, Net Profits, Number of Employees and Level of Stock in all the five sub-sectors have registered a sharp decline over the period. However, the Composite Index for the hydrocarbon sector has increased to 22 from one in the Q2 of 2011.

The officials added: “It is especially encouraging to note that 44 percent of companies in the financial sector plan further investments despite the continuing global economic challenges, while 51 percent of non-hydrocarbon sector firms are anticipating an increase in sales in Q3, 2011”.

“The global economy is facing huge downside risks in terms of the European debt crisis, overheating in emerging economies and rising cost of commodities. Despite the decline, sentiments are still positive and indicate a growing economy. Since the soft patch in the global economy is expected to be temporary, business sentiments in Qatar should also go up again”, the officials added.