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LSM posts 12.76pc growth in Sept

Updated November 13, 2013

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- File Photo

ISLAMABAD: Large-scale manufacturing (LSM) posted a double digit growth of 12.76 per cent in September 2013 from a year ago, reviving hopes of industrialisation in the country.

The double digit growth in LSM was mainly driven by nine categories of items during the month of the current fiscal year, suggested data of Pakistan Bureau of Statistics issued on Tuesday. It was the highest growth recorded in the LSM in the past one decade in a single month.

Major contribution towards positive growth in LSM performance in September 2013 was from textile 2.14pc, food and beverages 18.62pc, petroleum products 6.12pc, paper and board 47.44pc, electronics 22.28pc, iron and steel products 23.52pc, leather products 67.28pc, chemicals 3.53pc, pharmaceuticals 0.81pc and fertilisers 76.30pc.

Last year, the LSM sector, which accounts for 70pc of industrial production, recorded a positive growth of 3.79pc.

Improved supply of gas, especially to textile industries and fertilisers in the past few months increased the output.

Some sectors, like rubber products, witnessed a decline of 15.63pc, non-metallic mineral products 12.36pc, wood products 14.70pc, engineering products 27.53pc and automobiles 2.44pc during the month under review.

In the first three months (July-September 2013), the LSM grew by 8.37pc this year over the corresponding months of last year.

The government had expected that the economy would grow by about 4.4pc for the current fiscal year.

Industry specific data showed that many sub-sectors didn’t perform well in July 2013 period, mostly engineering and automobile products led to jump in import of consumer items.

In electronic and electrical goods, production of refrigerators recorded a growth of 13.12pc; deep-freezers was up by 99.79pc; air-conditioners 106.74; electric bulbs 43.43pc; electric fans 1.97pc; electric motors 33.64pc, switch gears 85.86pc; TV sets 86.42pc and storage batteries 20.98pc during the period under review over the same month last year.

However, electric tubes production witnessed a negative growth of 42.99pc, electric meters 32.80pc, electric transformers 40.21pc; generating sets 100pc and bicycles 27.49pc during September 2013 over the same month last year.