Large-scale manufacturing industries (LSMI) index went up from 114.1 points in August 2021 to 114.8 points in August 2022 registering a growth of 0.6%, reports WealthPK.

According to the data released by the Pakistan Bureau of Statistics (PBS), on month-on-month basis (MoM), the industry grew by 3.9% during the month under review compared to 110.05 points during July 2022. However, overall, the LSMI sector showed a decline of 0.4% during July-August 2022-23 when compared with the same period of last year. The LSMI index during the first two months of the current fiscal year was recorded at 112.6 points compared to 113.1 points during July-August (2021-22).

The main contributors to the overall negative growth of 0.4% 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 a 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 a decline 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 that the provisional quantum LSMI indices have been developed with the base year 2015-16 on the basis of the latest data supplied by the source agencies including the Oil Companies Advisory Council (OCAC), Ministry of Industries and Production (MoIP), Ministry of Commerce and Pakistan Bureau of Statistics.

Credit : Independent News Pakistan-WealthPk