Large Scale Manufacturing Falls 1.17% In 2 Months

The Large Scale Manufacturing Industries (LSMI) of the country witnessed a decline of 1.17 percent during the first two months of the current fiscal year compared to the corresponding period of last year.

ISLAMABAD, (UrduPoint / Pakistan Point News - 18th Oct, 2018 ) :The Large Scale Manufacturing Industries (LSMI) of the country witnessed a decline of 1.17 percent during the first two months of the current fiscal year compared to the corresponding period of last year.

The country's LSMI Quantum Index Numbers (QIM) was recorded at 135.81 points during July-August (2018-19) against 137.42 points during July-August (2017-18), showing a negative growth of 1.17 per cent, according to latest data of Pakistan Bureau of Statistics (PBS).

The highest decrease of 5 percent was witnessed in the indices monitored by Oil Companies Advisory Committee (OCAC), followed by 2.54 percent in the products monitored by Ministry of Industries. While an increase of 2.83 percent was witnessed in the indices monitored by Provincial Bureaus of Statistics (PBOS).

On yearly basis, the industrial growth also decreased by 3.3 percent in August 2018 as compared to same month of last year, whereas, on monthly basis, the industrial growth decreased by .54 percent percent in August 2018 when compared to growth during July 2018, the PBS data revealed.

Meanwhile, the major sectors that showed growth during July-August (2018-19) included food, beverages and tobacco (7.71 percent), electronics (15.12 percent), leather products (1.84 percent), paper and board (5.82 percent), engineering products (11.65 percent), and rubber products witnessed a growth of 4.75 percent.

On the other hand, the LSM industries that witnessed negative growth, included textile (0.33 percent), coke and petroleum products (5.00 percent), pharmaceuticals (8.66 percent), non metallic mineral products (6.83 percent), automobiles (2.87 percent), iron and steel products (3.95 percent), fertilizers (8.43 percent), and wood products (56.82 percent).

It is pertinent to mention here that the provisional QIM is being computed on the basis of the latest production data of 112 items received from sources including Oil Companies Advisory Committee (OCAC), Ministry of Industries and Production (MoIP) and Provincial Bureaus of Statistics (PBoS). OCAC provides data of 11 items, MoIP of 36 items while PBoS proved data of remaining 65 items.