LSM grows 5.05% on YoY basis in July

GDP growth forecast Update Pakistan
GDP growth forecast Update Pakistan

ISLAMABAD, Sep 15 (APP): The Large Scale Manufacturing Industries (LSMI) production grew by 5.02 percent on year-on-year basis during the first month of current fiscal year as compared to the corresponding month of last year, Pakistan Bureau of Statistics (PBS) reported Tuesday.

LSMI Quantum Index Number (QIM) was recorded at 134.14 points during July 2020 against 127.73 points during July2019, showing positive growth of 5.02 percent, according to the latest PBS data.

GDP growth forecast Update Pakistan
GDP growth forecast Update Pakistan

The highest increase of 2.25 percent was witnessed in the indices monitored by the Ministry of Industries, followed by 1.77 percent increase in indices monitored by the Provincial Board of Statistics and 1 percent increase in the products monitored by the Oil Companies Advisory Committee (OCAC)

Meanwhile, on month-on-month basis, the industrial growth witnessed increase of 9.54 percent in July 2020 when compared with the indices of June 2020, the PBS data revealed.
Meanwhile, the major sectors that showed growth during July 2020) included textile (1.66%), food, beverages and tobacco (21.73%), coke and petroleum products (18.34%), Pharmaceuticals (19.20 %), chemicals (0.19%) , non metallic mineral products (29.01%) and paper and board (5.04%).

On the other hand, the LSM industries that witnessed negative growth, included automobile (23.31%), iron and steel products (11.13%), fertilizers (5.06%), electronics (33.31%), leather products (35.95%), engineering products (32.60%),rubber products (15%) and wood products (18.63).

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 Oil Companies Advisory Committee (OCAC), Ministry of Industries and Production (MoIP) and Provincial Bureaus of Statistics (PBoS).