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HomeBusinessLarge scale manufacturing decreases by 7.75% in October, PBS

Large scale manufacturing decreases by 7.75% in October, PBS

Automobiles fell 30.56%, textiles 24.62%, appliances 38.01%, wood 81.75%, and medicines 18.56%

The large-scale manufacturing (LSM) has decreased by 7.75 percent on a year-over-year basis in October, according to the Pakistan Bureau of Statistics (PBS).

The production of major industries including textiles, machinery, appliances and vehicles decreased by 7.75 percent on an annual basis in October.

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The output of large-scale manufacturing increased by 0.1 percent in September compared to August which was substantially better than July’s 0.1 percent annual decline.

However, experts have shown worries about the economy contracting as a result of increased energy and raw material costs.

Economic experts have said that the authorities took a variety of efforts to slow down the economy due to economic pressure. They have said that the steps included administrative measures coupled with the monetary policy so that country’s imports could be reduced.

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The problems of flood catastrophes, a lack of energy and a worldwide slowing economy have caused a drop in the output capacity of significant companies following such steps, experts have said. They have said that the urgency to restore was because of the slowed economy that has to be stabilized.

According to PBS, automobiles saw a fall of 30.56 percent followed by textiles at 24.62 percent, equipment and appliances at 38.01 percent, wood products at 81.75 percent, computers, electronics and optical items at 25.66 percent and medicines at 18.56 percent.

Conversely, the furniture industry had growth of 105.41 percent, football of 65.46 percent and clothes of 34.14 percent.

The results have shown that as compared to the previous month large-scale manufacturing has fallen by 3.62 percent in October. In addition, as compared to the first four months of the previous financial year large-scale manufacturing fell by 2.89 percent from July to October.

In July–October of the current fiscal year compared to the same period of the previous year the sales and production of clothing and furniture have increased while those of food, tobacco, textile, coke and petroleum products, pharmaceuticals, rubber products, non–metallic mineral products, metal, electrical appliances, machinery, cars and other transport goods decreased.

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