August 15, 2023 (MLN): Pakistan’s Large Scale Manufacturing Industries (LSMI) production has registered a decrease of 14.96% YoY in June 2023 to stand at 112.21 compared to 131.95 in June 2022, the Pakistan Bureau of Statistics (PBS) reported today.
While on a month-on-month basis, the LSMI growth witnessed an increase of 0.98% against 111.13 recorded in May 2023.
On a cumulative basis, during FY23, the LSMI decreased by 10.26% YoY to 114.83 compared to 127.96 in FY22.
The main contributors to the overall growth of -10.26% are Food (-1.14), Tobacco (-0.65), Textile (-3.65) Garments (2.79), Petroleum Products (-0.89), Chemicals (-0.52), Pharmaceuticals (-1.85), Cement (-0.86), Iron & Steel Products (-0.24), Electrical Equipment (-0.54) and Automobiles (-2.21).
The production in July-June 2022-23 as compared to July-June 2021-22 has increased in Wearing apparel, Furniture, and Other Manufacturing (Football) while it decreased in Food, Tobacco, Textile, Coke & Petroleum Products, Pharmaceuticals, Chemicals, Non-Metallic Mineral Products, Machinery and Equipment, Automobiles and Other Transport Equipment.
This negative growth in LSMI output in FY23 has been attributed to a range of factors including weak macros, monetary tightening, supply chain disruptions, and an increase in energy costs. Additionally, political instability in the country has also contributed to the shrinking output.
Overall, the decline in LSMI output represents a significant challenge for Pakistan's economy and highlights the need for continued investment and support for the country's industrial sector.
The provisional quantum indices of Large Scale Manufacturing Industries (LSMI) for June 2023 with the base year 2015-16 have been developed on the basis of the latest data supplied by the source agencies i.e OCAC, Ministry of Industries & Production, Ministry of Commerce and Provincial Bureaux of Statistics (BoS).
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Posted on: 2023-08-15T18:08:10+05:00
