Big industry output plummets by 7.75% YoY

December 15, 2022 (MLN): Large Scale Manufacturing Industries (LSMI) output decreased by 7.75% YoY in October 2022 as compared to October 2021 and 3.62% MoM as compared to September 2022, the latest data released by the Pakistan Bureau of Statistics (PBS) showed on Thursday.

The LSMI Quantum Index Number (QIM) was recorded at 108.32 points for October 2022 as compared to 117.42 points on October 2021 showing a decline of 7.75% YoY and 3.62% MoM.

Overall, the LSMI index for July-October FY23 clocked in at 111.43 points, witnessing a decline of 2.89% compared with the same period of last year.

The main contributors to the overall growth of -2.89% are Food (-0.72), Tobacco (-0.58), Textile (-1.92) Garments (4.44), Petroleum Products (-1.38), Cement (-1.23), Pharmaceuticals (-1.57), and Automobiles (-1.38).

The production in July-October 2022-23 as compared to July-October 2021-22 has increased in wearing apparel and furniture while it decreased in food, tobacco, textile, coke & petroleum products, pharmaceuticals, rubber products, non-metallic mineral products, fabricated metal, electrical equipment, machinery and equipment, automobiles, and other transport equipment.

The major reason behind the decline in big industry output was relative slowdown in overall economy as the interest rates remain high and energy shortage.

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