State Bank Surveys

State Bank of Pakistan (SBP) regulates the monetary and credit system of Pakistan and fosters its growth in the best national interest with a view to securing monetary stability and fuller utilization of the country’s productive resources. Like many other central banks, it weighs up the public and firms' perceptions about prevailing and expected economic conditions, as an important part of its monetary policy formulation process.

For this purpose, it conducts various surveys, including Consumer Confidence Survey (CCS) and Business Confidence Survey (BCS) every month. The CCS is the telephonic survey of households that are selected randomly across the country, and provides the information on "what people are thinking" about the economy. Similarly, the BCS is the telephonic survey of firms and provides the information on "what firms are thinking" about the business conditions in the country.

The State Bank also undertakes the Bank Lending Survey (BLS) and Systemic Risk Survey (SRS). BLS is an online web based survey of lenders to obtain current and expected credit conditions and the major factors affecting those conditions. SRS is an email based survey of market participants and experts about various existing and emerging/potential risks and their confidence in the stability of the financial system.

Some of the other surveys conducted by SBP include Price and Wage Setting Behavior Surveys, Currency Demand Survey, Agriculture Productivity and Credit Field Experiment in Sindh and Punjab, etc. The findings from these surveys have contributed significantly to policy making process.

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SBP never asks for any personal details regarding legal status, CNIC or any bank account details and will only call from +92 21 9920 7199.

The results of these surveys are disseminated for general information only. These are opinions of public, businesses and professionals and may not be considered SBP's views or endorsement.

The Business Confidence Survey (BCS) serves as a leading indicator of economic activity, providing timely insights that support short-term economic monitoring and forecasting. It plays a crucial role in monetary policy formulation, given its forward-looking nature and its ability to capture the expectations of key economic agents.

By capturing the sentiments, expectations, and behavioral drivers behind business decisions, the survey complements quantitative data and enhances understanding of broader economic dynamics, making it an essential tool within the policy and research framework.

The State Bank of Pakistan (SBP), in collaboration with the Institute of Business Administration (IBA), conducts BCS every month. The survey covers businesses across various sectors, including manufacturing, services, construction, wholesale/retail trade, and financial services. It collects business perceptions on production, employment, credit demand, inflation, and overall economic outlook.

In January 2023, the survey frequency was increased from bi-monthly to monthly. More recently, the time horizon for the question on qualitative inflation expectations used for construction of diffusion index has been extended from six months to twelve months for one-on-one comparison with the similar index of the SBP Consumer Confidence Survey.

Sample

A sample of around 2000 firms has been taken from large firms registered with Securities & Exchange Commission of Pakistan (SECP) to survey around 500 firms each month. These firms are selected with highest paid up capital within selected economic activities. The industry sample covers around 22 different manufacturing activities and construction sector according to their approximate value added as per latest Census of Manufacturing Industries (CMI). On the other hand, the services sector sample includes large firms working in retail and wholesale trade, health care, education, hotel and restaurants, transportation, consultancy, telecommunication and financial services.