Pakistan’s industrial output increases to 8-month high in August

WEB DESK: In August 2023, Pakistan’s Large Scale Manufacturing Industries (LSMI) experienced a significant 8.44 per cent month-on-month growth, marking the most substantial increase since December 2022, according to the latest report from the Pakistan Bureau of Statistics (PBS).

The index rose from 107.89 in July 2023 to 117. This growth trend was also visible on a yearly basis, with a 2.52 per cent increase compared to August 2022’s figure of 114.12.

In the cumulative data for the first two months of the fiscal year 2023-24 (2MFY24), LSMI saw a modest uptick of 0.50 per cent year-on-year compared to the same period last year.

Examining the contributors to this 0.50 per cent growth, notable sectors include food (0.82 per cent), tobacco (0.29 per cent), garments (5.16 per cent), petroleum products (0.78 per cent), chemicals (0.18 per cent), pharmaceuticals (2.02 per cent), cement (1.45 per cent), and machinery and equipment.

However, textile (-4.01 per cent), iron and steel products (-0.13 per cent), electrical equipment (-0.78 per cent), automobiles (-1.90 per cent), paper & board (-0.19 per cent), and furniture (-2.33 per cent) experienced declines.

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Analysing the production data for July-August 2023-24 against the same period in 2022-23, positive growth was observed in sectors such as food, wearing apparel, coke & petroleum products, chemicals, pharmaceuticals, rubber products, non-metallic mineral products, machinery and equipment, and other manufacturing (football).

Conversely, a decrease was noted in beverages, tobacco, textile, iron & steel products, electrical equipment, automobiles, other transport equipment, and furniture.

The provisional quantum indices of Large Scale Manufacturing Industries (LSMI) for August 2023, calculated with the base year 2015-16, were based on the most recent data provided by the relevant source agencies, ensuring the accuracy and reliability of the report.