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Pakistan’s LSMI output continues to show impressive growth

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December 15, 2020 (MLN): Despite the challenges posed by Covid-19, and depressed economic conditions in many regions globally, the Large-Scale Manufacturing Industrial (LSMI) output continues to show sign of recovery as it grew by 6.7% YoY and 4% MoM during the month October 2020, while increasing 5.46% YoY during 4MFY21.

The impressive growth in LSMI numbers was mainly attributable to recuperating Economic Stability along with the lifting off of lockdowns decisions by the government which has improved overall economic and industrial performance during 4MFY21.

In a tweet today, Minister for Industries and Production, Hammad Azhar, also stated that at a time when the global economy is in a deep recession, Industry is driving economic growth and recovery in Pakistan.

The growth during the month of Oct’20 was led by Non-Metallic Mineral products and Fertilizer as they posted growth of 24.5% and 18.5% YoY respectively followed by Pharmaceuticals (11.3% YoY), Automobiles (10.7% YoY), Paper & Board (9.1% YoY), Food (8.6% YoY), Chemicals (6% YoY), Iron (2.8% YoY) and Textile (2.4% YoY).

While the industries that contracted during the month include; Wood products (-57.14% YoY), Leather products (-39.66% YoY), Electronics (-30.47 YoY), Engineering products (-25.45% YoY), Rubber products (-11.30% YoY) and lastly Coke & Petroleum (-1.67% YoY).

On a cumulative basis, during 4MFY21 out of 15 major industries, 9 posted positive growth while rest of the 6 industries' witnessed decline. Sector-wise performance revealed that the production in Non-Metallic Mineral Products, Pharma, Foods, Paper & Board, Chemicals and Fertilizer sectors have surged by 23% YoY, 13.53% YoY, 12% YoY, 10.46% YoY, 9.22% YoY and 6% YoY  respectively during Jul-Oct FY21, compared to the performance in Jul-Oct FY20.

On the other hand, Woods, Leather, Engineering, Electronics and Steels industries have posted a drop in production by 64%YoY, 43% YoY, 34% YoY, 23% YoY and 5.41% YoY respectively during the period mentioned above.

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Posted on: 2020-12-15T17:25:00+05:00

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