Pakistan’s Economic Growth Weakens on Record Interest Rates

Pakistan’s economic growth weakened in the fiscal second quarter after record high interest rates impacted businesses and reduced consumer demand.

Gross domestic product expanded 1% in the October-December period from a year ago, according to data from the Pakistan Bureau of Statistics. The reading is lower than the median estimate of 1.8% in a Bloomberg survey. The National Account Committee also revised upward economic growth for the previous quarter to 2.5% from 2.13% earlier, the PBS said in a statement.