October 18, 2018 (MLN): Output from Pakistan’s Large Scale Manufacturing Industries (LSMI) shrunk by 3.33% in August 2018, when compared to the previous year, but dipped marginally by 0.54% when compared to the output generated during the previous month.
As per official statistics released yesterday, having suffered a decline for 3 consecutive months from April-June 2018, output from LSMI picked up pace and climbed for the next two months before tripping over again by 0.54% in August 2018. Although in contrast with the output reported in August 2017, the figures have staggered by around 3%.
LSMI index for August 2018 has been recorded at 135.44.
An increase in the output of manufacturing items in food, beverages and tobaccos sector had the largest impact on year-on-year growth in LSMI index, witnessed over the last year, as the output in the sector grew by 9.83%.
As per the official results, the largest increase in output was seen in the production of engineering goods, which grew by 10.3% in August 2018 over the previous year.
Other items that also witnessed a growth in the production output included Paper & Board products that saw output growth of 7.72%, electronics that grew by 5.48%, leather products growing by 2.19% and Rubber products marking a growth of 1.23% over the year.
Output from certain sectors however fell during this time frame, which includes production of Wood products which plunged by 58%, Coke and petroleum products falling by 14%, nonmetallic mineral products dropping by 13.9% and Fertilizers declining by 10% over the corresponding period of prior year.
The production in the period through July-August 2018-19 as compared to Jul-August 2017-18 has significantly decreased in Coke & Petroleum products, pharmaceuticals, nonmetallic mineral products and fertilizers while it has increased in food, beverages and tobacco, electronics and paper and board.
Conclusively, overall large scale manufacturing sector has shown a decline of 1.1% cumulatively, during the first two months of current fiscal year.
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