Pakistan’s output of the large-scale manufacturing industry (LSMI) sector witnessed a decline of 3.68% during July-December period of the current fiscal year (2022-23) compared to the same period of last fiscal year, WealthPK reported. On year-on-year (YoY) basis, the big industry production decreased by 3.51% in December 2022 compared to December 2021, according to provisional quantum indices of the LSMI for December 2022 released by the Pakistan Bureau of Statistics (PBS).

However, on month-on-month (MoM) basis, the industrial output increased by 12.38% in December 2022 compared to the production of November 2022. The main contributors towards overall negative growth of 3.68% were food (0.36%), tobacco (0.60%), textile (2.75%), garments (4.06%), petroleum products (0.80%), cement (1.04%), pharmaceuticals (1.21%), and automobiles (1.36%).

The production in the first six months of FY23 compared to July-December FY22 has increased in wearing apparel (4.06%), leather products (0.04%), furniture (1.43%), and other manufacturing (0.15%). The provisional quantum indices of the LSMI for December 2022 with the base year 2015-16 have been developed based on the latest data supplied by the source agencies, including the Oil Companies Advisory Committee (OCAC), Ministry of Industries and Production, Ministry of Commerce, and provincial bureaux of statistics (BoS).

Credit: Independent News Pakistan-WealthPk