Yet another positive news for Pakistan government on economic front
The overall output of Large Scale Manufacturing Industries (LSMI) increased by 7.41 percent for July-November 2020-21, as compared to July-November 2019-20, according to the data released by the Pakistan Bureau of Statistics (PBS) on Tuesday.
According to provisional Quantum Index Numbers (QIM) of Large Scale Manufacturing Industries (LSMI), the LSMI output increased by 14.46 percent for November 2020 compared to November 2019 and improved 1.35 percent as compared to October 2020.
The LSMI Quantum Index Number (QIM) was recorded at 138.52 points during July-November 2020-21, against 128.97 points during the same period of the preceding year.
The LSM data has been collected by PBS from the Provincial Bureau of Statistics (BOS), the Oil Companies Advisory Council (OCAC), and the Ministry of Industries. It showed that the OCAC recorded a month-on-month decline of 0.9 percent in November 2020 against the previous month. However, on a year-on-year comparison, it grew by 1.17 percent in November 2020 against November 2019. ------------------------------
The data showed that sectors related to the Ministry of Industries witnessed an increase of 3.06 percent in November 2020 against October 2020 on a month-on-month basis, while on a year-on-year basis, they registered a growth of 19.13 percent in November 2020 as compared to the same month of 2019.
The PBS data shows that LSM-related data to the BOS month-on-month witnessed a 2.2 percent decline in November 2020 against the previous month, but on a YoY basis, grew by 6.94 percent in November 2020 against November 2019.
A.A.H Soomro, Managing Director at Khadim Ali Shah Bukhari Securities, on his Twitter account said,
Double-digit industrial growth is the beginning of manufacturing-led job-creating growth. Key ingredients of the growth are a) exchange rate stability b) monetary easing/TERF financing. Reduce import tariff on raw material, encourage value-addition & focus on value-addition.
According to PBS data, sugar production remained 458,435 tonnes in July-November 2020-21.
The production in July-November 2020-21 as compared to July-November 2019-20 has increased in textile, food, beverages, and tobacco, coke, and petroleum products, pharmaceuticals, chemicals, automobiles, non-metallic mineral products, fertilizers, rubber, and products, and paper and board, while it decreased in iron and steel products, wood products, engineering products, electronics, and leather products.
The textile sector, the top contributing sector to the overall big industry output, showed a growth of 2.4 percent. Food, beverages and tobacco 21.28 percent, coke and petroleum products 1.50 percent, pharmaceuticals 12.95 percent, chemicals 9.95 percent, automobiles 5.93 percent, non-metallic mineral products 20.60 percent, paper and board 10.22 percent, fertilizers 6.59 percent, and rubber products 7.86 percent, during July-November 2020-21 compared to the same period last year.