LSMI output plunges 4.40pc in first seven months YoY
Last updated on: 15 March,2023 09:23 am
The Large scale manufacturing industries output also declined by 7.9pc for January 2023
LAHORE (Web Desk) - The Large Scale Manufacturing Industries (LSMI) output has plunged by 4.40 per cent during the first seven months (July-January) of 2022-23 as compared to the same period of 2021-22, official data shows.
The Pakistan Bureau of Statistics (PBS) data reveals that according to the provisional Quantum Index numbers (QIM), the LSMI output declined by 7.9pc for January 2023 when compared with January 2022 and increased by 1.48pc when compared with December 2022.
The LSMI's QIM was estimated for July-January 2022-23 at 115.45, while it was estimated for January 2023 at 126.85.
The LSM data released by the PBS with the base year 2015-16 showed that the main contributors towards the overall growth of 4.40pc are food (-0.32), tobacco (-0.55), textile (-2.71) garments (3.81), petroleum products (-0.69), cement (-0.86), pharmaceuticals (-1.22), and automobiles (-1.55).
The production in July-January 2022-23 as compared to July-January 2021-22 has increased in wearing apparel, furniture and other manufacturing (football) while it decreased in food, tobacco, textile, coke & petroleum products, pharmaceuticals, chemicals, non-metallic mineral products, machinery and equipment, automobiles and other transport equipment.
The sectors showing growth during July-January includes wearing apparel (44.47pc), leather products (4.98pc), furniture (73.80pc) and other manufacturing (football) (48.26pc).
The sectors showing decline during the July-January include food (1.90pc), beverages (7.38pc), tobacco (21.69pc), textile (13.21pc), wood products (67.81pc), paper and board (3.80pc), coke and petroleum products (9.86pc), chemicals (3.58pc), chemicals products (1.04pc increased), fertilizers (5.31pc), pharmaceuticals (21.92pc), rubber products (7.68pc), non-metallic mineral products (10.22pc), iron and steel products (3.11pc), fabricated metal (13.97pc), computer, electronics and optical products (22.83pc), machinery and equipment (51.92pc), automobiles (34.85pc), other transport equipment (38.49pc).
Cement production witnessed 13.06pc negative growth in July-January 2022-23 and remained 24.217 million tons compared to 27.854 million tons in July-January 2021-22.
Per the data, the petroleum products production witnessed a decline of 9.86pc during July-January 2022-23 as its indices went down to 89.33 from 99.09 during July-January 2021-22.