LSMI output declines by 1.19% YoY in October

December 16, 2021 (MLN): The Large-Scale Manufacturing Industries (LSMI) output decreased by 1.19% in the month of October 2021 compared to October 2020, the data released by the Pakistan Bureau of Statistics (PBS) revealed on Thursday.

The data shows that this was the first monthly decline since June 2020. However,  on a monthly basis, LSMI output increased marginally by 1.86% when compared to September 2021.

Meanwhile, Ministry of Finance in its monthly economic outlook report anticipated that LSM for the month of October will resume moderate growth compared to the level observed in September, despite an expected negative seasonal effect, usually observed in the month of October and may take an upswing in the later months.

Cumulatively during 4MFY22, the overall output of LSMI jumped by 3.56% YoY compared to the corresponding period last year.

During Jul-Oct of the ongoing fiscal year, the highest increase of 7.3% was witnessed in the indices monitored by the Oil Companies Advisory Committee (OCAC), followed by a 3.49% increase in indices monitored by the Ministry of Industries, and a 2.98% increase in the products monitored by the Provincial Board of Statistics.

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

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 Oct’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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