Pakistan’s manufacturing sector showed signs of moderation in recent months, with the HBL Manufacturing Purchasing Managers’ Index (PMI) declining to a six-month low. The latest reading points to a deceleration in factory activity, reflecting softer demand conditions and easing output growth across the industrial landscape.
The headline index dipped below the key 50.0 threshold, which separates expansion from contraction, marking the first such instance in half a year. Sub-index data indicated that new orders and production volumes both lost momentum, while employment levels remained relatively stable. Input cost pressures continued to persist, though the rate of increase showed marginal signs of abating compared to previous months.
Economists suggest the downturn may be attributed to a combination of tighter monetary conditions, elevated energy costs, and ongoing macroeconomic uncertainty weighing on business sentiment. While the survey highlights near-term headwinds, the underlying resilience in employment and supplier delivery times suggests the sector retains capacity for recovery once external conditions stabilize.
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