The Large Scale Manufacturing Industries (LSMI) production grew by 9.13 percent on a year-on-year basis during January 2021 compared to the corresponding month of last year, Pakistan Bureau of Statistics (PBS) data showed on Tuesday.
On a broader scale, the LSMI production went up by 7.85 percent in the first seven months of the fiscal year 2021 (July 2020 to January 2021) compared to the similar period of the previous fiscal year.
According to Topline Securities, the LSM index touched its second-highest level of 175.15 earlier in January. Previously, it touched a high of 175.17 in March 2018.
The LSMI Quantum Index Number (QIM) was recorded at 175.15 points during January 2021 against 160.49 points during January 2020, showing positive growth of 9.13 percent, according to the latest PBS data.
The industrial production during July-January (2020-21) was recorded at 147.22 points against the output of 136.49 points during July-January (2019-20).
The highest increase of 6.48 percent was witnessed in the indices monitored by the Ministry of Industries, followed by a 1.11 percent increase in indices monitored by the Provincial Board of Statistics and a 0.26 percent increase in the products monitored by the Oil Companies Advisory Committee (OCAC).
Minister for Industries Hammad Azhar on his Twitter account said, “The sustained and robust growth in the industry is expected to lift economic growth beyond earlier forecasts.”
Large scale manufacturing has posted a growth of 9.1% in January.
The sustained and robust growth in industry is expected to lift economic growth beyond earlier forecasts InshAllah.
— Hammad Azhar (@Hammad_Azhar) March 16, 2021
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Meanwhile, on a month-on-month basis, the industrial growth witnessed an increase of 5.36 percent in January 2021 compared with the indices of December 2020, the PBS data revealed.
Meanwhile, the major sectors that showed positive growth during July-January (2020-21) included textile (2.65 percent); food, beverages and tobacco (19.13 percent); coke and petroleum products (4.63 percent); pharmaceuticals (12.33 percent); chemicals (9.19 percent); non-metallic mineral products (22.31 percent); automobiles (13.02 percent); and fertilizers (6.74 percent).
On the other hand, the LSM industries that witnessed negative growth during the period under review included iron and steel productions (1.06 percent); electronics (25.11 percent); leather products (41.65 percent); paper and board (0.62 percent); engineering products (30.52 percent); rubber products (5.02 percent); and wood products (56.11 percent).
It is pertinent to mention here that the provisional QIM is being computed based on 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 (PBoS).
