LSM grows 5.5% in July-October

The Large Scale Manufacturing during first four months of current fiscal year recorded a growth of 5.5 per cent 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 same month of the preceding year, Pakistan Bureau of Statistics (PBS) reported on Tuesday.

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, according to the PBS data.

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 1.63 percent increase in indices monitored by the Provincial Board of Statistics and 0.1 percent increase in the products monitored by the Oil Companies Advisory Committee (OCAC).

Meanwhile, on month-on-month basis, the industrial growth witnessed 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 Oil Companies Advisory Committee (OCAC), Ministry of Industries and Production (MoIP) and Provincial Bureaus of Statistics (PBoS).