LSM output grows 3.95pc during October

Published December 15, 2020
Large-scale manufacturing during the month of October grew by 3.95 per cent compared to September. — AFP/File
Large-scale manufacturing during the month of October grew by 3.95 per cent compared to September. — AFP/File

Large-scale manufacturing output during the month of October grew by 3.95 per cent compared to September, data released by the Pakistan Bureau of Statistics (PBS) showed on Tuesday.

"The LSM output increased by 6.66pc for October 2020 compared to October 2019, and 3.95pc if compared to September 2020,” the bureau said.

Sector-wise, the production of minerals, pharmaceuticals, foods, paper and board, chemicals and fertiliser sectors surged by 23pc, 13.53pc, 12pc, 10.46pc, 9.22pc and 6pc during the first four months of the current fiscal year compared to same period last year.

On the other hand, the production of wood, leather, engineering, electronics and steel sectors declined during the four months under review.

Commenting on the development, Minister for Planning and Development Asad Umar said that "industrial growth accelerates as economic recovery gathers pace".

“Large-scale manufacturing grew by 5.46pc in the July-Oct period. At a time when the global economy is in a deep recession, the industry is driving economic growth and recovery in Pakistan,” said Minister for Industries and Production Hammad Azhar.

Analysts said the notable rise in the numbers for the large-scale manufacturing index is the main reason for the recovering economy, as well as the premier's decision to rule out lockdowns. This has improved the overall economic and industrial performance during the first four months of the current financial year.

Further, this has been supported by an increase in credit offtake; total offtake surged by 12pc to Rs22.99 trillion in October compared to last year.

The country’s large- scale manufacturing output, despite rising on the back of lower base, is expected to increase in the coming months owing to low Interest rate, value addition, stable exchange rate and cheap energy to various export-oriented sectors.

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...
New terror wave
Updated 27 Mar, 2024

New terror wave

The time has come for decisive government action against militancy.
Development costs
27 Mar, 2024

Development costs

A HEFTY escalation of 30pc in the cost of ongoing federal development schemes is one of the many decisions where the...
Aitchison controversy
Updated 27 Mar, 2024

Aitchison controversy

It is hoped that higher authorities realise that politics and nepotism have no place in schools.