Pakistan’s big industries witness 3.63% surge in production

WEB DESK: In a recent report released by the Pakistan Bureau of Statistics (PBS), the country’s Large Scale Manufacturing Industries (LSMI) experienced a notable upswing in production, marking a 3.63 per cent month-on-month (MoM) increase.

The production index rose from 110.83 in October 2023 to a robust 114.85 in November 2023.

On a yearly basis, the LSMI output also demonstrated resilience, exhibiting a commendable 1.59 per cent year-on-year (YoY) growth compared to November 2022’s recorded figure of 113.05.

However, a comprehensive analysis over the cumulative 5 months of Fiscal Year 2024 reveals a marginal decline of 0.8 per cent in LSMI production when juxtaposed with the corresponding period in the previous year.

Delving into the sector-wise contributions, the report highlighted the main influencers behind the overall growth decline of -0.80 per cent.

Noteworthy contributors include the food sector (0.53), tobacco (-0.80), textiles (-2.48), garments (3.18), paper and board (-0.11), petroleum products (0.43), chemicals (0.32), pharmaceuticals (1.56), cement (0.17), iron and steel products (-0.09), electrical equipment (-0.45), automobiles (-1.70), and furniture (-1.65).

It’s important to underline that these figures represent a comprehensive snapshot of the LSMI landscape, capturing diverse sectors and their respective performances.

As the nation navigates economic nuances, the positive momentum in LSMI production stands as a testament to the sector’s resilience and adaptability, contributing to the broader narrative of Pakistan’s industrial landscape.

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