LSM growth declines by 1.4pc in July

ISLAMABAD-Pakistan’s large-scale manufacturing (LSM) growth has declined by 1.4 percent in July 2022 over the corresponding period of previous year amid international economic slowdown and domestic negative seasonal effects.

The LSMs’ growth on monthly basis has declined by 16.5 percent in July 2022 as compared to the preceding month of June, according to the latest data of Pakistan Bureau of Statistics (PBS). The growth has reduced mainly due to prevailing energy crisis and increase in cost of production. “In July, international economic slowdown and domestic negative seasonal effects may drag down LSM as compared with its level recorded in June. But on YoY basis, LSM may stabilize or show limited growth,” the ministry of finance noted in its recent report.

According to the PBS data, wood products output has increased by 2.9 percent, beverages 0.3 percent, wearing apparel 48.5 percent, leather products 16.5 percent, paper & board 26.8 percent, iron & steel products 13.2 percent, furniture 245 percent and other manufacturing (football) recorded growth of 40.8 percent in July this year. 

Meanwhile, the sectors showing decline during July 2022 compared to the same period of the previous year included food 9.3 percent, tobacco 75.5 percent, textile 2.2 percent, coke and petroleum products 5.2 percent, chemicals 1.3 percent, pharmaceuticals 35.2 percent, fertilizers 13.6 percent, rubber products 2.6 percent, non-metallic mineral product 33.9 percent, electrical equipment 1.6 percent, machinery and equipment 48.4 percent, automobiles 7.4 percent and other transport equipment 25.9 percent.

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