LSM growth posted 5.3% increase in July-March

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LSM growth posted 5.3% increase in July-March

ISLAMABAD, May 25 (APP): The Large Scale Manufacturing during
first nine months of current fiscal year recorded a growth of 5.3
per cent as compared to the growth f 37 per cent during same period
of last year.
The Year-on-Year (YoY), LSM recorded significant growth of
10.5 percent in March 2017 compared to 7.6 percent of March 2016.
According to Economic Survey (2016-17) unveiled here by
Minister of Finance, Muhammad Ishaq Dar here on Thursday, the
manufacturing sector is considered as the backbone of Pakistan’s
economy and constitutes the second largest sector of economy
contributing 13.5 percent to Gross Domestic Product (GDP) and
generating biggest number of industrial employment with technology
transfer.
It comprises mainly of Large Scale Manufacturing (LSM) with 80
percent share in Manufacturing and 10.7 percent in GDP whereas small
scale manufacturing accounts for 1.8 percent in total GDP and 13.7
percent share in manufacturing.
The overall manufacturing sector continued to maintain its
growth momentum with more vigor during the current fiscal year.
During FY 2017, it recorded an impressive growth of 5.3
percent against 3.7 percent of last year which helped overall
industrial sector to improve by 5.0 percent against 5.8 percent
last year.
The production data of Large Scale Manufacturing (LSM)
received from the Oil Companies Advisory Committee (OCAC)
comprising 11 items, Ministry of Industries and Production 36
items and Provincial Bureau of Statistics 65 items have contributed
in LSM period average growth by 0.03 percent, 3.97 percent and 1.07
percent, respectively.