LSM witnesses 5.91pc decline in Q1

The country's Large Scale Manufacturing (LSM) witnessed a decline of 5.91 percent during the first three months of the current financial year from 134.24 points in 2018-19 to 126.31 points in 2019-20, said Pakistan Bureau of Statistic (PBS) on Friday.

According to PBS Provisional Quantum Index Numbers of Large Scale Manufacturing Industries, the LSMI output was reduced by 5.63 percent for September 2019 as compared to September 2018. The PBS data revealed that LSMI growth witnessed an increase of 1.9 percent on month on month basis in September as compared to August 2019.

According to PBS data during July-September 2019-20 against July-September 2018-19, automobile industries growth registered a decline of 34.13 percent, iron and steel production declined by 17.04 percent, wood products growth declined by 28.76 percent, food, beverages and tobacco growth decreased by 8 percent, coke and petroleum products, 14.48 percent, pharmaceutical products, 11.95, percent, chemicals, 8.93 percent, non-metallic minerals products, 0.96 percent, and growth of paper and board declined by 2.01 percent.

The sector showing increase during the period from July-September 2019 included textile by 0.17 percent, fertilizers, 15.94 percent, leather products, 4.24 percent, electronics, 5.51 percent, engineering products, 12.54 percent, and rubber products, 2.29 percent.

The PBS said the provisional quantum of LSM for September 2019 with base year 2005-06 has been developed on the basis of latest data supplied by the sources agencies such as Oil Companies Advisory Council (OCAC), Ministry of industries and Provincial Bureau of Statistics (BOS).

The data said that during July-September 2019-20 as compared with same period of the last financial year, growth of 11 items related to OCAC industries witnessed a decline of 14.48 percent from 116.25 points to 99.42 points, Ministry of Industries related 36 items' growth registered a negative growth of 5.76 percent from 123.11 points to 116.03 points and 65 items related to provincial BOS showed a negative growth of 4.27 percent from 176.46 points to 168.92 points.