OICCI Business Confidence Index Turns Bullish

Overall business confidence in the country stands at 21 percent positive; showing improvement of more than 13 percent against Wave -14 survey results that showed minus tendency

KARACHI, (UrduPoint / Pakistan Point News - 16th Nov, 2017 ) :Overall business confidence in the country stands at 21 percent positive; showing improvement of more than 13 percent against Wave -14 survey results that showed minus tendency.

This was revealed by the Overseas Investors Chamber of Commerce and Industry (OICCI) on Thursday by sharing the results of its business confidence index (BCI) survey - Wave 15, said OICCI statement.

This 8 percent improvement reflected a major turnaround after negative trends recorded in the last two surveys - wave 13 and 14 respectively - indicating that the business community was once again bullish and increasingly confident of the investment opportunities available in Pakistan.

The survey results were largely influenced by the retail and wholesale trade sector which led the upswing with 40 percent positive sentiment, recording 27 percent improvement against Wave-14. OICCI BCI survey, conducted every six months, was a comprehensive review of both local and global business aspects and was indicative of the direction in which the economy was moving, based on the perceptions of key stakeholders of the business community.

The manufacturing sector followed with a confidence level of positive 16 percent showing a substantial net increase of 7 percent, while the service sector at 15 percent net positive sentiment recorded a marginal decline of 3 percent in against the Wave 14 survey.

The latest increase of BCS to 21 percent was mainly due to the significantly improved perceptions of global, country and industry business situation during the past six months as well as expected positive industry business situation with increased level of capital investment over the next six months.

These views of the survey respondents were largely based on improvement in security, law and order and the overall economy, increased consumer demand, better business alliances, decline in the energy crises and decrease in fuel prices and low inflationary pressure on various other products.

The sentiments of the leading foreign investors, represented by the OICCI members, who were part of the survey, also recorded an increase, albeit by 5 percent only, to go up to 42 percent from 37 percent in the Wave-14 results.