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.”