ISLAMABAD: The large-scale manufacturing (LSM) sector grew 6.6 per cent YoY during October 2020, according to data released by the Pakistan Bureau of Statistics on Tuesday.
The LSMI Quantum Index Number (QIM) was recorded at 138.03 in October 2020 as against 128.22 points in October 2019.
Meanwhile, on month-on-month basis, industrial growth witnessed an increase of 3.95pc during October 2020 when compared with the indices of September 2020, the PBS data revealed.
On a cumulative basis, large-scale manufacturing during the first four months (July-Oct) of the current fiscal year (FY20-21) recorded a growth of 5.5pc as compared to the same period of last year.
Industrial production during July-October FY21 was recorded at 136.08 points as against the output of 129.04 points during July-October FY20.
The highest increase of 3.74pc was witnessed in the indices monitored by the Ministry of Industries, followed by 1.63pc increase in indices monitored by the Provincial Board of Statistics and 0.1pc rise in the products monitored by the Oil Companies Advisory Committee (OCAC).
Major sectors that showed positive growth during October 2020 included textile (2.24pc); food, beverages and tobacco (12.16pc); coke and petroleum products (1.57pc); pharmaceuticals (13.53pc); chemicals (9.22pc); non-metallic mineral products (22.88pc); fertilizers (5.99pc); paper and board (10.46pc); and rubber products (3.3pc).
On the other hand, the LSM industries that witnessed a negative growth during the month under review included automobile (1.62pc); iron and steel (5.41pc); electronics (23.01pc); leather products (43.18pc); engineering goods (34.05pc); and wooden products (64.05pc).
It is pertinent to mention that the provisional QIM is being computed on the basis of the latest production data received from sources, including Oil Companies Advisory Committee (OCAC), Ministry of Industries and Production (MoIP) and Provincial Bureaus of Statistics.
‘ECONOMIC RECOVERY’
Commenting on the development, Minister for Planning and Development Asad Umar attributed the industrial growth to “acceleration in economic recovery”.
Industrial growth accelerates as economic recovery gathers pace. Large scale manufacturing grew by 5.46% in July to October 2020 vs same period last year. Growth in October was even higher at 6.66% vs October last year.
— Asad Umar (@Asad_Umar) December 15, 2020
Similarly, Minister for Industries and Production Hammad Azhar also took to Twitter and said, “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.”
Large Scale Manufacturing grew by 5.46% in Jul-Oct period. At a time when the global economy is in a deep recession, Industry is driving economic growth and recovery in Pakistan.
— Hammad Azhar (@Hammad_Azhar) December 15, 2020
Good news for imran and his team.
we have to make struggle hard for our industry side because if we grow better in industrial side we will become more developed