Monday, April 15, 2024

Pakistan’s Large Scale Manufacturing Sector Grows by 7.45%

According to the Pakistan Bureau of Statistics (PBS), the large-scale manufacturing (LSM) sector grew 7.45 percent in the first eight months of the current fiscal year 2021 (July-February) amid the third wave of the Covid-19 pandemic in Pakistan.

The LSM expansion would largely offset the negative impact of low cotton production in the agriculture sector, providing much-needed support to the year’s overall economic development.

Eight of the 15 sectors in LSM have experienced growth. Textiles, vehicles, fertilizers, pharmaceuticals, fruit, drinks, and tobacco, as well as coke and petroleum products, chemicals, and nonmetallic mineral products, are among them.

The production of seven sub-sectors, including iron and steel products, electronics, leather products, paper and board, engineering products, rubber products, and wood products, however, decreased.

“When compared to February 2020, the LSM Index production increased by 4.85 percent for (the single month of) February 2021. When compared to January 2021, the LSMI fell by 4.15 percent,” PBS announced.

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