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September big industry output rises by 0.1%YoY

Big industry output plummets by 7.75% YoY
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November 16, 2022 (MLN): The large-scale manufacturing industries (LSMI) output increased by 0.1%YoY in September 2022, latest data published by the Pakistan Bureau of Statistics showed on Wednesday. 

On a month-on-month basis, the large-scale output inched up by meagre 0.01% as the index clocked in at 115.02 compared to 114.9 during the month of August. 

Overall, the LSMI index for July-September FY23 clocked in at 113.4 points, witnessing a decline of 0.4% compared with the same period of last year.

Sector-wise data showed that the production in July-September 2022-23 as compared to July-September 2021-22 increased in wearing apparel, chemicals, Iron & Steel products, and Furniture while it decreased in Food, Tobacco, Textile, Coke & Petroleum Products, Pharmaceuticals, Rubber Products, Non-Metallic Mineral Products, Fabricated metal, Electrical Equipment, Machinery and Equipment, Automobiles and Other Transport Equipment.

The major reason behind the decline in big industry output was relative slowdown in overall economy as the interest rates remain high and inflation continues to scale new peaks. 

Wholesale Price Index (WPI), an indicator of the raw materials, increased by 38.9%YoY during September while growing by 32.6% in October hinting at a higher input cost pressures. 

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Posted on: 2022-11-16T22:29:13+05:00

 

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