Tuesday, April 23, 2024

Pakistan’s Industrial Sector showing Promising Recovery: SBP

According to the State Bank of Pakistan (SBP), despite the increasing cases of COVID-19 in the country due to the timely support steps taken by the Government of Pakistan along with SBP, Pakistan’s industrial sector is back on track.

Initial SBP reports have shown that the industry has started to recover since the lockdowns were lifted after the first wave, as can be shown by the rise in power generation and the sales of petroleum products over the last fiscal year.

For much of the previous fiscal year, power production continued to fall. However, power generation showed a positive trend in the first quarter (Q1) of the Fiscal Year 2020-2021 (FY21), meaning the industry is back on track.

In the 2nd and 3rd quarters of the previous fiscal year, petroleum revenues have decreased, but in the last quarter of FY20 and the first quarter of FY21, they showed a big positive improvement.

In the current quarter of FY21, petroleum product sales may decrease as prices have risen due to an increase in global oil prices. The price of petrol increased from Rs100.69 per litre to Rs103.69 per litre, while the rate of HSD increased from Rs105.44 per litre to Rs108.44 per litre in the first half of the current month, according to brecorder.

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