Pakistan’s large scale manufacturing grows 15.69%

WEB DESK: In a promising economic development, Pakistan’s Large Scale Manufacturing Industries (LSMI) demonstrated a notable surge of 15.69 per cent month-on-month (MoM) in production during December 2023, reaching 132.87 compared to 114.85 in November 2023.

This news was revealed by the Pakistan Bureau of Statistics (PBS) in their latest report.

On an annual basis, the LSMI output exhibited a commendable increase of 3.43 per cent year-on-year (YoY), contrasting with the figure of 128.47 recorded in December 2022.

However, a closer look at the cumulative performance in the first six months of Fiscal Year 2023–24 reveals a slight decline of 0.39 per cent compared to the corresponding period last year.

The intricate dynamics of this decline in cumulative performance point towards specific sectors contributing to the overall drop.

Noteworthy contributors include food (-0.76), tobacco (-0.73), textiles (-2.05), garments (2.26), paper and board (-0.12), petroleum products (0.55), chemicals (0.30), pharmaceuticals (1.43), cement (0.12), iron and steel products (-0.07), electrical equipment (-0.38), automobiles (-1.70), and furniture (-1.05).

Analysing the sector-wise performance over the first six months of Fiscal Year 2023–24, sectors such as Food, Beverages, Wearing Apparel, Coke & Petroleum Products, Chemicals, Fertilisers, Pharmaceuticals, Non-Metallic Mineral Products, Machinery and Equipment, and Other Manufacturing (Football) witnessed an increase in production.

Conversely, sectors including tobacco, textiles, iron and steel products, electrical equipment, automobiles, other transport equipment, and furniture experienced a decrease in production during the same period.

The provisional quantum indices of Large Scale Manufacturing Industries (LSMI) for December 2023, with a base year of 2015–16, have been meticulously developed based on the latest data supplied by the source agencies, providing a comprehensive overview of the current industrial landscape.

This robust growth in LSMI production signifies a positive trajectory for Pakistan’s industrial sector, contributing to the nation’s economic resilience and stability.

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