Rates Rise Stunts Growth

BMI has revised down its growth forecast for the Pakistani car market in its latest Pakistan Automotive Report, following a lacklustre performance in the first five months of the current financial year. Sales are expected to rise by 5.0% (car sales are set to rise by just 2.8%), down from the 6.0% forecast in the previous quarter's report. We have maintained our output forecast at 2.8%, with car production up 3.1%. This is a drastic change from FY2005-06, ending June 2006, when Pakistan auto sales rose by 19% and production by 23% (to 241,438 and 246,341 units respectively). The decline

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