LSM grows 3.26% in 5 months

LSM grows 3.26% in 5 months
LSM grows 3.26% in 5 months

ISLAMABAD, Jan 21 (APP): Pakistan’s Large Scale Manufacturing Industries (LSMI) production grew by 3.26 percent during the first five months of the current fiscal year (FY22) compared to the corresponding period of last year, the Pakistan Bureau of Statistics (PBS) reported Friday.

As per details, the highest increase of 4.72 percent during July-November FY22 was witnessed in indices monitored by the Oil Companies Advisory Committee (OCAC) followed by a 4.15percent increase in indices monitored by the Ministry of Industries, and a 0.97 percent increase was witnessed in the products monitored by the Provincial Board of Statistics (PBS).

On year on year basis (YoY), the industry grew by 0.30 percent during the month of November 2021 compared to the growth of November 2020, according to PBS data.

Likewise, on a month-on-month basis, the overall LSM growth was recorded at 1.91 percent during November 2021 compared to the preceding month of October 2021.

The major sectors that showed positive growth during the period under review included textile which grew by 0.92 percent, food, beverages, and tobacco which grew by 1.46percent, coke and petroleum products by 4.72 percent, pharmaceuticals 1.46 percent, chemicals 7.44 percent, automobiles 34.39 percent, iron and steel products 25.27 percent, leather products 8.23 percent, paper and board 8.45 percent, engineering products 1.52 percent and wood products registered a 200.46 percent growth.

The commodities that witnessed negative growth included non-metallic mineral products 1.44pc, which took a 0.66 percent hit, fertilizers 6.55 percent, electronics 10.63 percent, and rubber products 31.26percent.

It is pertinent to mention here that the provisional QIM is being computed on the basis of the latest production data received from sources, including OCAC, Ministry of Industries and Production (MoIP), and PBS.