The overall output of Large Scale Manufacturing Industries (LSMI) output increased by 11.40 percent for December 2020 compared to December 2019 and 13.51 percent if compared to November 2020.
According to provisional Quantum Index numbers of Large Scale Manufacturing Industries (QIM), LSMI output increased by 8.16 percent in the first half (July-December) of 2020-21 compared to July-December 2019-20, shows the data released by the Pakistan Bureau of Statistics (PBS) on Friday.
The LSMI Quantum Index Number (QIM) was recorded at 143.30 points during July-December 2020-21 against 132.49 points during the same period of the preceding year.
Federal Minister for Planning, Development and Special Initiatives, Asad Umar in a Twitter statement said that the industrial sector is now showing sustained strong growth.
Another double digit growth month for large scale manufacturing in December. 11.4% growth vs december 2019. Cumulative jul to dec growth above 8% now. Industrial sector now showing sustained strong growth
— Asad Umar (@Asad_Umar) February 12, 2021
Federal Minister for Industries and Production Hammad Azher on Friday said that the V-shaped economic recovery in Pakistan is led by industries.
Robust growth trends of Large Scale Manufacturing have continued in December (11.4%). The V shaped economic recovery in Pakistan is led by Industries.
— Hammad Azhar (@Hammad_Azhar) February 12, 2021
The LSM data released by the PBS after collecting it from the Provincial Bureau of Statistics (BOS), the Oil Companies Advisory Council (OCAC) and the Ministry of Industries showed that the OCAC recorded month-on-month growth of 11.52 percent in December 2020 against the previous month, and 23.91 percent growth was recorded year-on-year in December 2020 against December 2019.
The data showed that the Ministry of Industry-related sectors witnessed an increase of 20.04 percent in December 2020 against November 2020 on a MoM basis, while Year-on-Year basis, it registered a growth of 13.62 percent in December 2020 as compared with the same month of 2019.
The PBS data said that LSM-related data to the BOS month-on-month witnessed negative 2.2 percent growth in December 2020 against the previous month, and on a YoY basis, BOS witnessed the growth of 2.89 percent in December 2020 against December 2019.
The production in July-December 2020-21 as compared to July-December 2019-20 has increased in textile, food, beverages and tobacco, coke and petroleum products, pharmaceuticals, chemicals, non-metallic mineral products, automobiles, fertilizers, paper and board and rubber products, while it decreased in iron and steel products, electronics, leather products, engineering products and wood products.
Textile, the top contributing sector to the overall big industry output, increased by 2.61 percent, food, beverages and tobacco 20.22 percent, coke and petroleum products 5.01 percent, pharmaceuticals 13.11 percent, chemicals 10.68 percent, automobiles 11.23 percent, non-metallic mineral products 20.07 percent, paper and board 10.42 percent, fertilizers 7.40 percent, and rubber products 2.02 percent during July-December 2020-21 compared to the same period last year.
The sectors showing decline during July-December 2020-21 compared to July-December 2019-20 included iron and steel products output declined by 1.16 percent, electronics 20.87 percent, engineering products 31.36, leather products 42.65 percent, and wood products 60.13 percent.
