LSM output inches up by 2% MoM in November

January 21, 2021 (MLN): The Large-Scale Manufacturing Industries (LSMI) output increased negligibly by 1.9% in the month of November 2021 compared to October 2021, the data released by the Pakistan Bureau of Statistics (PBS) revealed on Friday.

However, on a yearly basis, LSMI output increased negligibly by 0.3% when compared to November 2020.

Meanwhile, Ministry of Finance in its monthly economic outlook report anticipated the relative stability of the LSM index. The expectation was based on stabilizing cyclical conditions in the main export markets and by the historically observed negative seasonality that usually depresses LSM activity during the months April through November of each year.

Cumulatively during 5MFY22, the overall output of LSMI jumped by 3.26% YoY compared to the corresponding period last year.

During Jul-Nov of the ongoing fiscal year, the highest increase of 4.72% was witnessed in the indices monitored by the Oil Companies Advisory Committee (OCAC), followed by a 4.15% increase in indices monitored by the Ministry of Industries, and a 0.97% increase in the products monitored by the Provincial Board of Statistics.

The major sectors that witnessed positive growth during July-November FY22 include; textile food, beverages & tobacco, coke & petroleum products pharmaceuticals chemicals automobiles, iron & steel products and paper & paper board.

While the commodities that observed a decline were non-metallic mineral products, fertilizers, electronics and rubber products.

Meanwhile, it is pertinent to mention here that the provisional QIM for Nov’21 with the base year 2005-06 has been developed on the basis of the latest production data received from sources including the Oil Companies Advisory Committee (OCAC), Ministry of Industries and Production (MoIP) and Provincial Bureaus of Statistics (PBoS).

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