LSM Sector Contracts 0.5% in 8 Months of FY24

The overall Large-Scale Manufacturing (LSM) sector has shown a growth of -0.51 percent during the first eight months (July-February) 2023-24 when compared with the same period of last year, says Pakistan Bureau of Statistics (PBS).

The Large Scale Manufacturing Industries (LSMI) output increased by 0.06 percent for February 2024 when compared with February 2023 and decreased by 4.14 percent when compared with January 2024.

According to the provisional quantum index numbers of the large-scale manufacturing industries, the LSMI quantum index number (QIM) estimated for February 2024 is 126.01. QIM estimated for July-February, 2023-24 is 117.99.

The provisional quantum indices of LSMI for February 2024 with base year 2015-16 have been developed on the basis of the latest data supplied by the source agencies.

The main contributors towards overall growth of -0.51 percent are, food (0.46), tobacco (-0.80), textile (-1.75) garments (0.46), paper & board (-0.08), petroleum products (0.24), chemicals (0.55), pharmaceuticals (1.21), iron & steel products (-0.05), electrical equipment (-0.26), automobiles (-1.14) and furniture (0.72).

The production in July-February 2023-24 as compared to July-February 2022-23 has increased in Food, Wearing apparel, Coke & Petroleum Products, Chemicals, Fertilizers, Pharmaceuticals, Machinery and Equipment and Furniture while it decreased in Tobacco, Textile, Paper & Board, Non Metallic Mineral Products, Iron & Steel Products, Electrical Equipment, Automobiles and Other Transport Equipment.

The sectors showing growth during July-February 2023-24 compared to July-February 2022-23 are food (2.51 percent), beverages (0.31 percent), wearing apparel (3.25 percent), leather products (5.07 percent),wood products (12.01 percent), coke and petroleum products (3.82 percent), chemicals (7.33 percent), chemicals products (-2.69 percent), fertilizers (14.68 percent), pharmaceuticals (26.77 percent), rubber products (2.87 percent), machinery and equipment (70.98 percent) and furniture (28.01 percent).

The sectors showing decline during July-February 2023-24 compared to July-February 2022-23 are tobacco (39.27 percent), textile (9.73 percent), paper and board (3.27 percent), non-metallic mineral products (3.94 percent),iron and steel products (1.12 percent), fabricated metal (6.16 percent), computer, electronics and optical products (17.39 percent), electrical equipment (7.94 percent), automobiles (40.74 percent), other transport equipment (13.20 percent) and other manufacturing (-0.16 percent).

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