The Large Scale Manufacturing during the first four months of the current fiscal year recorded a growth of 5.46 percent as compared to the same period of last year.
On Year-on-Year (YoY), the LSM recorded significant growth of 6.6 percent in October 2020 compared to the same month of the preceding year according to the Pakistan Bureau of Statistics (PBS).
The LSMI Quantum Index Number (QIM) was recorded at 138.03 points during October 2020 against 128.22 points during October 2019, showing positive growth of 6.6 percent.
The industrial production during July-October (2020-21) was recorded at 136.08 points against the output of 129.04 points during July-October (2019-20).
The highest increase of 3.74 percent was witnessed in the indices monitored by the Ministry of Industries, followed by a 1.63 percent increase in indices monitored by the Provincial Board of Statistics and a 0.1 percent increase in the products monitored by the Oil Companies Advisory Committee (OCAC).
Meanwhile, on a month-on-month basis, the industrial growth witnessed an increase of 3.95 percent in October 2020 when compared with the indices of September 2020, the PBS data revealed.
Meanwhile, the major sectors that showed positive growth during October 2020 included textile (2.24%) food, beverages and tobacco (12.16%), coke and petroleum products (1.57%), pharmaceuticals (13.53 %), chemicals (9.22%), non-metallic mineral products (22.88%), fertilizers (5.99%), paper and board (10.46%) and rubber products (3.3%).
On the other hand, the LSM industries that witnessed negative growth, included automobile (1.62%), iron and steel products (5.41%), electronics (23.01%), leather products (43.18%), engineering products (34.05%) and wood products (64.05%).
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 the Oil Companies Advisory Committee (OCAC), Ministry of Industries and Production (MoIP) and Provincial Bureaus of Statistics (PBS). The Large Scale Manufacturing during first four months of the current fiscal year recorded a growth of 5.5 percent as compared to the same period of last year.
Federal Minister for Planning and Development, Asad Umar, took to Twitter and informed that large-scale manufacturing has increased by 5.46 percent.
The minister tweeted that the pace of economic recovery and industrial growth has accelerated, with large-scale manufacturing growing by 5.46 percent from July to October, as compared to the same period last year.
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Industrial growth accelerates as economic recovery gathers pace. Large scale manufacturing grew by 5.46% in July to October 2020 vs same period last year. Growth in October was even higher at 6.66% vs October last year.
— Asad Umar (@Asad_Umar) December 15, 2020
Federal Minister for Industries and Production, Hamad Azhar, also tweeted that large scale manufacturing grew by 5.45 percent between July and October 2020, at a time when the global economy is in recession and Pakistan is experiencing economic growth.
