Economic Slowdown Increases in Pakistan

Pakistan is going through an economically rough patch due to which all the industries are slowing down as well.

Pakistan Bureau of Statistics revealed that large-scale manufacturing declined by 7.75 percent in October. Moreover, due to high inflation rates and ever-increasing prices of raw materials, economists believe that there will be a further economic slowdown.

The automobile industry saw a decline of 30%, the textile industry 24%, machinery and equipment 38%, computer and electronics products 25%, and pharmaceuticals 18%.

Pakistan Bureau of Statistics stated that “The production in July-October 2022-23 as compared to July-October 2021-22 has increased in wearing apparel and furniture while it decreased in food, tobacco, textile, coke & petroleum products, pharmaceuticals, rubber products, non-metallic mineral products, fabricated metal, electrical equipment, machinery and equipment, automobiles and other transport equipment.”

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