Qatar: Decline in industrial output softens in July
Latest reading: Industrial output fell 4.0% in year-on-year terms in July, which was a less pronounced contraction than June’s 6.2% decrease. July’s improvement was partly due to a weaker contraction in both energy and manufacturing production, which typically make up around 15% and 80% of industrial production, respectively.
Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 1.8% in July, down from June’s minus 1.2% reading.
Panelist insight: EIU analysts said:
“Real GDP growth will remain subdued in 2024-25, averaging 2.3% a year. This will reflect broad stability in hydrocarbons production and exports as the sector gears up for a major expansion in LNG output later in the forecast period. Non-oil growth will remain robust, helped by an expansion in manufacturing sector output and government determination to push ahead with a number of new infrastructure projects.”