ISLAMABAD: The large-scale manufacturing index (LSMI) shrank by 3.28 percent in the first month of the current fiscal year, showed Pakistan Bureau of Statistics (PBS) data, reported Dawn.
The large-scale manufacturing output has declined for eight months in a row amid dismal performance in the food, beverages, textile, pharmaceutical, chemical, fertilisers, leather and iron and steel sectors raising fears of massive layoffs across the industrial sector.
In the last fiscal year, LSMI sectors dipped by 3.64pc against the target growth of 8.1pc, whereas the government has set LSM target of 3.1pc for the year 2019-20. The LSMI constitutes 80pc of manufacturing and 10.7pc of the overall GDP.
The lacklustre performance in the industrial sector reflected the overall economic slowdown across various sectors in the ongoing fiscal year.
According to the report, LSMI data showed that various factors led to the slowdown including lower Public Sector Development Programme expenditures compared to last year, deceleration in the private sector construction activities and consumer spending on durable goods.
