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HomeBusinessLSM sector decreases 3.58% during July-November: PBS

LSM sector decreases 3.58% during July-November: PBS

According to the Pakistan Bureau of Statistics (PBS) the overall production of the Large Scale Manufacturing (LSM) sector decreased by 3.58 percent during the first five months (July-November) of the current fiscal year 2022–23 compared to the same period of the previous year.

Large Scale Manufacturing Industries (LSMI) production declined by 5.49 percent for November 2022 compared to November 2021 but climbed by 3.55 percent compared to October 2022, Provisional Quantum Index Numbers (QIM) of LSMI issued on Tuesday stated.

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The QIM is predicted to be 111.41 for July through November 2022–23 and 112.30 for that month.

According to the PBS’s publication of LSM data using 2015–16 as the base year food (-1.02), tobacco (–0.57), textiles (–2.47), clothing (4.46), petroleum products (–1.02), cement (–1.16), medicines (–1.34) and autos witnessed the biggest decrease (-1.27).

Wearable clothes (51.48 percent), leather items (8.18 percent), electrical equipment (1.06 percent), furniture (99.29 percent) and other manufacturing I.e., football (59.69 percent) are the industries that are growing from July to November.

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The reduction in LSMI comes as Pakistan’s economy has collapsed and a simmering political crisis has intensified, with the currency falling and inflation reaching decades-high levels, while disastrous floods and a severe energy shortage have added to the burden.

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