Economy Recovers as Cement, Consumer Goods & Cars Sale Rise Amidst COVID Wave: SBP
- Sales for cement, consumer goods and cars rise as Pakistan encounters the second wave during the first quarter of financial year 2021, according to the State Bank of Pakistan (SBP).
As Pakistan struggles with the second wave of the COVID-19 pandemic, the sales for cement, consumer goods, and cars depict an increasing trend during the first quarter of the financial year 2021, said the State Bank of Pakistan (SBP).
An upward trend in sales across these three sectors indicates a positive recovery in domestic demand and confidence post-COVID19's first wave.
SBP in a recent tweet reports that broad-based recovery reflected a significant rebound in purchases of consumer goods and cars in Q1FY21. despite the second wave of COVID19.
As automakers like Kia and Changan Motors introduce new cars to the domestic market and existing car sales rise, Pakistan witnesses an overall boost in its monthly demand for cars, including both SUVs and LCVs. This increase in demand for cars shows that consumers are once again making relatively large purchases and uncertainty that persisted due to COVID-19 is slowly dissipating.
In addition to this, the Government of Pakistan's and SBP's push for the housing sector and the strong construction momentum in the country has also driven up cement sales to record levels in Q1 FY21.
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