Business

Large scale manufacturing sector contracts by 3.64pc in FY19

Large scale manufacturing sector contracts by 3.64pc in FY19

ISLAMABAD – The overall output of Large Scale Manufacturing Industries (LSMI) in the country during the fiscal year 2018-19 witnessed negative growth of 3.64 percent as compared to the output of the corresponding period of last year.

According to the data released by the Pakistan Bureau of Statistics (PBS), LSMI Quantum Index Number (QIM) was recorded at 143.04 points during July-June (2018-19) against 148.46 points during July-June (2017-18), showing a negative growth of 3.64 percent.

The highest decrease of 2.83 percent was witnessed in the indices monitored by the Ministry of Industries, followed by 0.53 percent decline in the products monitored by the Oil Companies Advisory Committee (OCAC) while a decrease of 0.28 percent was witnessed in the indices monitored by the Provincial Board of Statistics.

On year-on-year basis, the LSMI production had witnessed about 5.05% reduction during the month of June, 2019 as compared the same month of last year, where as it witnessed decline of 8.

5 percent on month-on-month basis when compared to April, 2019.

Meanwhile, the major sectors that showed positive growth during July-June (2018-19) included fertilizers (7.68%), electronics (12.53%), leather products (2.31%), engineering products (6.48 %), rubber products (3.76%) and wood products (20.36%).

On the other hand, the LSM industries that witnessed negative growth, included textile (0.19%), food, beverages, and tobacco (7.20%), coke and petroleum products (8.35%), pharmaceutical (7.68%), chemicals (3.60%), non-metalic mineral products (2.39%), automobiles (11.78%), iron and steel products (11.21%), and paper and board (2.53%).

It is pertinent to mention here that the provisional QIM is being computed on the basis of the latest production data of 112 items received from sources, including Oil Companies Advisory Committee (OCAC), Ministry of Industries and Production (MoIP) and Provincial Bureaus of Statistics (PBoS). OCAC provides data of 11 items, MoIP of 36 items while PBoS proved data of remaining 65 items.