In a recent report released by the Pakistan Bureau of Statistics (PBS), the country’s Large Scale Manufacturing Industries (LSMI) saw a significant increase in production, registering a month-on-month increase of 3.63 percent.
The production index rose from 110.83 in October 2023 to a robust 114.85 in November 2023.
On a yearly basis, the LSMI output also proved resilient, posting a commendable 1.59% year-on-year (y-o-y) growth compared to the November 2022 reading of 113.05.
However, a comprehensive analysis for the cumulative 5 months of FY2024 reveals a marginal decline in LSMI production of 0.8 percent when compared to the corresponding period in the previous year.
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Delving into the sectoral contributions, the report highlighted the main factors behind the overall -0.80 percent decline in growth.
Major contributors include the food sector (0.53), tobacco (-0.80), textiles (-2.48), clothing (3.18), paper and board (-0.11), petroleum products (0, 43), chemicals (0.32), pharmaceuticals (1.56). , cement (0.17), iron and steel products (-0.09), electrical equipment (-0.45), automobiles (-1.70) and furniture (-1.65).
It is important to emphasize that these figures represent a comprehensive snapshot of the LSMI landscape, capturing the various sectors and their respective performances.
As the nation navigates economic nuances, the positive momentum in LSMI manufacturing is a testament to the sector’s resilience and adaptability, adding to the larger narrative of Pakistan’s industrial landscape.
