Qatar: Industrial output drops at sharpest pace since November 2020 in June
Industrial production declined 7.5% year on year in June (May: -6.0% yoy). June’s downturn marked the worst reading since November 2020. Looking at the details of the release, manufacturing output swung to contraction in June, and the contraction in energy output—which makes up around two-thirds of industrial production—worsened.
Accordingly, the trend pointed down, with the annual average variation of industrial production coming in at minus 1.3% in June, down from May’s minus 0.4% reading.
June’s print means that, over Q2 as a whole, industrial production shrank 6.4% year on year, boding poorly for GDP growth figures in the period, which are yet to be released.