Pakistan's LSMI production increases by 5.88% MoM

MG News | July 13, 2023 at 07:05 PM GMT+05:00

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July 13, 2023 (MLN): Despite the country grappling with plunging reserves, an economic slowdown, and import restrictions, Pakistan’s Large Scale Manufacturing Industries (LSMI) production has registered an increase of 5.88% MoM in May 2023 to stand at 110.60 compared to 104.46 in April 2023, Pakistan Bureau of Statistics (PBS) reported today.

On the other hand, the big industry output has dropped by 14.37% YoY against 129.17 recorded in May 2022.

On a cumulative basis, during 11MFY23, the LSMI decreased by 9.87% YoY to 115 compared to 127.59 in 11MFY22.

The main contributors towards the overall growth of -9.87% are Food (-1.30), Tobacco (-0.63), Textile (-3.66) Garments (2.58), Petroleum Products (-0.81), Chemicals (-0.54), Cement (-0.76), Pharmaceuticals (-1.59), Iron & Steel Products (-0.22), Electrical Equipment (-0.49) and Automobiles (-2.08).

The production in July-May 2022-23 as compared to July-May 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 11MFY23 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 LSMI for April 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 Bureau of Statistics (BoS).

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