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Pakistan’s Big Industries grows by 0.6 percent in August

Market News: The production of Large-Scale Manufacturing Industries (LSMI) witnessed a growth of 0.6 percent on year-on-year (YoY) basis during the month of August 2022 compared to the same month of last year.

According to latest data released by Pakistan Bureau of Statistics (PBS) here Wednesday, the LSMI index went up from 114.1 points in August 2021 to 114.8 points in August 2022.

On month-on-month basis (MoM), the industry grew by 3.9 percent during the month under review compared to 110.05 points during July 2022.

Big industry grows by 0.6 percent in August

However, overall the Large-Scale Manufacturing Sector has shown a decline of 0.4% during July-August (2022-23) when compared with the same period of last year. The LSMI during the first two months of the current fiscal year was recorded at 112.6 points as compared to 113.1 points during July-August (2021-22).

The main contributors towards overall negative growth of 0.4 percent were, garments (5.3), petroleum products (-1.2), cement (-2.0), fertilizers (-0.2) and iron and steel products (0.5).

The major sectors that showed positive growth during July-August (2022-23) included wearing apparel (5.3%), leather products (0.1%), paper and board (0.1%), chemicals (0.2%), iron and steel products (0.5%), furniture (2.3%) and other manufacturing (0.1%).

The commodities that witnessed negative growth during the period under review included food (1.1.%), beverages (0.03%), tobacco (1.1%), textile (0.8%), coke and petroleum products (1.2%), pharmaceutical (2%), rubber products (0.01%), non-metallic mineral products (1.4%), fabricated metal (0.1%), compute, electronics and optical products (0.001%), electronic equipment (0.2%), machinery and equipment (0.2%), automobiles (0.9%) and other transport equipment (0.3%).

It is pertinent to mention here that the provisional quantum LSMI indices have been developed with base year 2015-16 on the basis of latest data supplied by the source agencies including Oil Companies Advisory Council (OCAC), Ministry of Industries and Production (MoIP), Ministry of Commerce and Provincial Bureaux of Statistics (PBS)