Gallup Pakistan today released the 16th wave of its Business Confidence Index (BCI), capturing the views of 571 statistically chosen businesses across Pakistan for Q4 2025 (Oct–Dec).
The survey measures current business performance, future expectations, and perceptions of the country’s direction — offering a timely and broad-based pulse of Pakistan’s business climate.
The survey shows a decline in confidence since Q2 2025 but remains stronger than last year. The findings show a moderate decline across all three components of the index compared with Q2 2025.
Opinion on current business conditions fell from +20% to +8%, indicating fewer businesses now describe their situation as good or very good.
The perceptions on future business expectations declined from +22% to +12%, a 10-point drop in optimise, while views on the direction of the country worsened from –2% to –8%, reflecting a slightly more pessimistic outlook.
Despite this softening, all three scores remain better than Q4 2024 as well as most of 2022–2023, suggesting an improvement in medium-term business sentiment.
Inflation continues to be the most cited problem, with 33% of businesses wanting the government to prioritize price stability. After a consistent decline in inflation rate, recent few moths have seen an upward movement across food as well as energy markets in Pakistan.
42% of businesses reported power outages on the day of the survey, similar to last year.
Despite massive investment in electricity infrastructure, consistent supply remains a major challenge crippling the economy.
Regarding economic management, 46% of businesses rate the current PML-N government’s performance as better than the previous PTI administration, unchanged from Q2 and 5 points higher than a year ago.
Bilal Gilani, Executive Director of Gallup Pakistan and Director of Economic Indicators Series at Gallup Pakistan comments ‘Business Confidence has slided minorly, but the message from businesses is clear: economic stabilization is not enough, without a stronger growth rate, sentiment will continue to move in short bursts rather than in a steady upward path.
Stability helped, but growth now has to take the lead. PMLN led government however continues to be entrusted with confidence by the wider business community to bring relief and reforms”
