HBL, Pakistan’s largest bank, and global financial analytics firm S&P Global have launched the country’s first-ever manufacturing index, the HBL S&P Global Purchasing Managers’ Index (PMI), to track the performance of Pakistan’s manufacturing sector, the companies announced on Friday.
Pakistan’s $350 billion economy has been struggling under rising taxes, power tariffs, and social unrest, while trying to recover from economic challenges with the support of a $7 billion IMF program approved in September. This new index aims to provide key insights into the country’s manufacturing landscape.
The HBL S&P Global PMI will serve as a standardized economic indicator based on surveys conducted across a broad range of industries. It will become Pakistan’s first comprehensive manufacturing index and will be a valuable resource for investors in a country where reliable economic data is often scarce.
The index will be compiled by asking industries about their views on current business conditions as well as future expectations. It will be released on the first working day of each month, offering timely data on economic trends.
“This marks a significant milestone in providing access to timely, high-frequency data that will track economic developments in Pakistan and assist in decision-making by financial institutions, investors, and businesses,” said Luke Thompson, Managing Director of S&P Global Market Intelligence.
Muhammad Nassir Salim, President & CEO of HBL, added that the new PMI will help enhance transparency and boost investor confidence in Pakistan’s economy.
