LSM witnesses nominal growth in September

The production of Large-Scale Manufacturing Industries (LSMI) witnessed nominal growth of 0.01 per cent on year-on-year (YoY) basis during the month of September 2022 as compared to the same month of last year.

According to data released by the Pakistan Bureau of Statistics (PBS) here, the LSMI index went slightly up from 115.01points in September 2021 to 115.02 points in September 2022.

On month-on-month basis (MoM), the industry grew by 0.1 per cent during the month under review as compared to 114.9 points during August 2022.

However, overall the Large-Scale Manufacturing Sector has shown a decline of 0.4% during July-September (2022-23) when compared with the same period of last year. The LSMI during the first quarter of the current fiscal year was recorded at 113.4 points as compared to 113.8 points during July-September (2021-22).

The main contributors towards overall negative growth of 0.4% were, garments (5.0%), petroleum products (1.4%), cement (1.4%), pharmaceuticals (1.8%), iron & steel products (0.2%) and automobiles (1.5).

The major sectors that showed positive growth during July-September (2022-23) included beverages (0.2%), wearing apparel (5%), leather products (0.1%), paper and board (0.6%), chemicals (0.3%), iron and steel products (0.2%) and furniture (1.9%).

The commodities that witnessed decline during the period under review included food (0.8%), tobacco (0.8%), textile (0.7%), coke and petroleum products (1.4%), pharmaceutical (1.8%), non-metallic mineral products (0.9%), fabricated metal (0.1%), electronic equipment (0.1%), machinery and equipment (0.2%), automobiles (1.5%) and other transport equipment (0.4%).

It is pertinent to mention here that the provisional quantum LSMI indices have been developed with the base year 2015-16 on the basis of the latest data supplied by the source agencies including Oil Companies Advisory Council (OCAC), Ministry of Industries and Production (MoIP), Ministry of Commerce and Provincial Bureaux of Statistics (PBS).

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