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31/12/2012 07:56 AST
Lower prices for condensates, crude oil and natural gas led Qatar to report a 2.5% fall in producer price index (PPI) in the third quarter (Q3) of this year.
The PPI, which is calculated using the average of 2006 prices as base, however, rose 0.5% year-on-year (Y-o-Y) in Q3, said the Qatar Statistical Authority (QSA), which launched the index for industrial sector two years ago.
The PPI measures average changes in prices received by domestic producers for their output.
The PPI for mining, which carries the maximum weight of 77% in the basket, fell 2.2% quarter-on-quarter (Q-o-Q) in Q3. “This fall is the combined effect of decline in the prices of condensate produced by the gas extraction (3.6%), crude oil (2.8%) and extracted natural gas (1.2%),” the QSA said.
However, prices of condensate produced during oil extraction increased by 1.7% and stone, sand and clay by 0.4%.
On a yearly comparison, producer prices for the mining sector increased by 2.2% mainly on a 12.1% surge in the price of natural gas and 3.3% in stone, sand and clay.
Prices of condensate produced by gas extraction tanked 6.5%, condensate produced by oil extraction 3.4% and crude oil fell 1.4%.
The manufacturing sector, with a weight of 21% in the PPI basket, saw its group index shrank 3% Q-o-Q in Q3 on a 7.2% drop in the prices of basic chemicals, followed by refined petroleum products (2.2%), grain mill and beverages (0.5% each); while those of cement and glass products gained 0.9%, aluminium, iron and steel 0.3% and dairy products up 0.1%.
However, the manufacturing sector index plummeted 6.7% Y-o-Y in Q3 on a 8.8% decline in the prices of basic chemicals; 8% in aluminium, iron and steel; 6.3% in refined petroleum products, 1.2% in beverages and 0.5% in dairy products; whereas those of cement and glass products were up 0.8%.
The electricity and water group, which has a 2% weight in the PPI basket, saw its index tank 8.3% Q-o-Q in Q3, 2012 on 10.7% and 6.7% plunges in the indices of water and electricity respectively.
The group index was down 4% year-on-year mainly on a 6.6% fall in the index of electricity; while that of water rose 1%.
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