LSMI grows by 6.24 % in 8 months

ISLAMABAD, Apr 10 (APP):The Large Scale Manufacturing Industries (LSMI) of the country witnessed an impressive growth of 6.24 percent during the first eight months of the current fiscal year compared to the corresponding period of last year.
The country’s LSMI Quantum Index Numbers (QIM) was recorded at 145.28 points during July-February (2017-18) against 136.75 points during July-February (2016-17), showing growth of over 6.24 per cent, according to the data of Pakistan Bureau of Statistics (PBS).
The highest growth of 4.08 percent was witnessed in the indices monitored by Ministry of Industries, followed by 1.54 percent growth in the products monitored by Provincial Bureaus of Statistics (PBOS) and 0.62 growth in the indices of Oil Companies Advisory Committee (OCAC).
On year-to-year basis, the industrial growth increased by 5.52 percent during February 2017 as compared to same month of last year, however, on month-to-month basis, the industrial growth decreased by 1.51 percent in February 2017 when compared to growth of January 2017, the PBS data revealed.
Meanwhile, the major sectors that showed growth during July-February (2017-18) included textile (0.47 percent), food, beverages and tobacco (2.33 percent), coke and petroleum products (10.26 per cent), pharmaceuticals (9.44 percent), non metallic mineral products (11.87 percent), automobiles (19.48 percent), iron and steel products (30.85 percent), electronics (38.79 percent), paper and board (8.06 percent), engineering products (5.21 percent) and rubber products (6.83 percent).
On the other hand, the LSM industries that witnessed negative growth, included chemicals production of which declined by 0.63 percent, while the fertilizers production declined by 7.36 percnet, leather products by 7.91 percent and wood products by 27.32 percent.
It is pertinent to mention here that the provisional QIM is being computed on the basis of the latest production data of 112 items received from sources including Oil Companies Advisory Committee (OCAC), Ministry of Industries and Production (MoIP) and Provincial Bureaus of Statistics (PBoS). OCAC provides data of 11 items, MoIP of 36 items while PBoS proved data of remaining 65 items.