Big industry output drops by 11.59% YoY in Feb

April 17, 2023 (MLN): The Large Scale Manufacturing Industries (LSMI) output has declined by 11.59% YoY and 0.50% MoM to stand at 126.13 in February 2023 compared to 142.66 in February 2022 and 126.75 in January 2023, respectively, according to data released by the Pakistan Bureau of Statistics (PBS) on Monday. 

Within 8MFY23, the big industry output has dropped by 5.56% YoY to 116.64 compared to 123.50 in the same period last year. 

The main contributors to overall negative growth in 8MFY23 are Food, Tobacco, Textile, Garments, Petroleum Products, Cement, Pharmaceuticals, and Automobiles. 

It is important to note that the production in July-February 2022-23 as compared to July-February 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 provisional quantum indices of LSMI for February 2023 with the base year 2015-16 have been developed on the basis of the latest data supplied by the source agencies i.e OCAC, Ministry of Industries & Production, Ministry of Commerce and Provincial Bureau of Statistics (BoS).

The negative growth in LSMI output has been attributed to a range of factors including weak macros, monetary tightening, supply chain disruptions, and an increase in energy costs. Additionally, political instability in the country has also contributed to the shrinking output.

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