Pakistan's industrial production declines in first 9 months of financial yearBreaking

May 16, 2024

Pakistan's industrial sector has been facing significant challenges, with a new report by the Bureau of Statistics revealing a concerning decline in production for most major industries during the first nine months of the current financial year (July 2023 - March 2024). While there was a slight increase (2.04%) in industrial output compared to March 2023, production dropped sharply by 9.35% between February and March 2024. This indicates a potential slowdown in the sector's momentum. The report further highlights a worrying trend over the entire nine-month period. Compared to the same period last year, major industries witnessed an overall decrease of 0.10% in production. Several key sectors experienced significant downturns. Vehicle production plunged by a staggering 37.41%, while the electronics industry saw a decline of 16% in computer and electronic goods.

The production of electrical appliances also fell by 7.47%. Other notable drops include a 33.59% decrease in tobacco production, an 8.27% decline in textiles, and a 3.43% reduction in beverage production. The iron and steel industry also faced a setback, with production dipping by 2.20%. However, there were some bright spots. The production of garments, leather products, wood, chemicals, fertilizers, rubber products, machinery, and sports equipment like footballs showed positive growth in March compared to the previous year. The reasons behind this overall decline in industrial production remain unclear and require further investigation. The Bureau of Statistics report does not delve into the potential causes.

Credit: Independent News Pakistan