LSM declines by 6.20 per cent

ISLAMABAD (APP) - The Large-Scale Manufacturing (LSM) of the country has declined by 6.20 percent during the first quarter of the financial year as against the same period of the last year. The LSM production during Sept 2008 also witnessed decrease of 6.76pc against the same month of last financial year, according to Federal Bureau of Statistics. The leading business community owes the decline in large-scale manufacturing to a variety of factors including power shortage and higher energy and capital costs during the current financial year. The falling industrial production has also been adversely affecting the GDP rate as well as for export sector, especially textile sector. According to FBR figures, the petroleum sector posted 5.41 percent negative growth during first quarter of current fiscal. The production of jet fuel oil declined by 12.81 percent, motor spirits 9.89 percent, diesel oil 28.80 percent, furnace oil 6.66 percent, lubricating oil 4.19 percent, jute batching oil 14.59pc, LPG 19.19 percent and other petroleum products 18.20 percent. In petroleum group, only kerosene oil and high-speed diesel posted 7.36 percent and 3.04 percent growth, respectively during the period under review. In Food group, the production of vegetable ghee was down by 12.49 percent, cooking oil 8.55 percent, wheat and grain milling 10.40pc, beverages 17.82 percent whereas the production of tea blended was up 10.82pc and starch and its products 18.53pc. The production of buses, jeeps & cars and motorcycles decreased by 41.25pc, 47.16 percent and 8.49 percent, respectively. The production of TV sets decreased by 10.83 percent, bicycles 14.49 percent, refrigerators 1.07 percent and deepfreezers 29.22 percent. The production of cement and cotton cloth remained flat.

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