Large Scale Manufacturing increases by 14.5% in November 2020

As per the data, the overall output of the LSM index increased by 7.41% during the five months (July-November) 2020-21 compared to July-November 2019-20.

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(AFP/File)

Large Scale Manufacturing (LSM) in Pakistan grew by 14.5% in November 2020 compared to the same month in 2019.

According to the data released by the Pakistan Bureau of Statistics (PBS) on Tuesday, the LSM index output increased by 14.46% for November 2020, compared to November 2019, and 1.35% compared to October 2020.

As per the data, the overall output of the LSM index increased by 7.41% during the five months (July-November) 2020-21 compared to July-November 2019-20.

The five months’ growth was primarily accredited to various sectors, including Textile, Food, Beverages & Tobacco, Coke & Petroleum Products, Pharmaceuticals, Chemicals, Non-Metallic Mineral Products, Automobiles, Fertilisers, and Paper & Paperboard.

According to the PBS data, considerable growth was recorded in the Food, Beverages & Tobacco sector at 21.28%.

The textile sector showed a growth of 2.4%, Non-Metallic Mineral Products recorded a 20% jump, and pharmaceuticals registered an increase of 12% during July-November 2020 compared to the same period in 2019.

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On the other hand, a major decline recorded during the five months was for the Wood Products sector, with a drop of 65%. The Leather sector was the next to register a 43% decline.

Additionally, Iron & Steel Products, Electronics, and Engineering Products declined by 3.6%, 18%, and 32%, respectively.

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The LSM constitutes 80% of the country’s total manufacturing and accounts for nearly 10.7% of the overall national output.

In comparison, small-scale manufacturing accounts for just 1.8% of the gross domestic product (GDP) and 13.7% in manufacturing.

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The production of 11 items under the Oil Companies Advisory Committee (OCAC) showed a growth of 0.09%, whereas 36 items under the Ministry of Industries and Production increased by 5.46%.

The 65 items reported by the Provincial Bureaus of Statistics recorded growth of 1.85% during July-November 2020 compared to July-November 2019.

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