Big industry grows 11.7pc in 11MFY22

ISLAMABAD: Output from the Large Scale Manufacturing Industries (LSMI) registered a growth of 11.7 per cent during July-May 2021-22 (11MFY22) as compared to the same period of FY21; however it shrank 1.3pc on a month-on-month (MoM) basis in May, the Pakistan Bureau of Statistics (PBS) said on Monday.

The LSM data released by the PBS shows that overall LSM growth stood at 7.1pc during 11MFY22 when compared with the same period of last fiscal year whereas output for May 2022 registered a 1.3pc MoM decline when compared with April and increased 21.4pc on a year-on-year (YoY) basis when compared to May 2021.

According to the Provisional Quantum Index Numbers of LSMI (QIM), the estimated QIM for 11MFY22 is 126.9 and for May is 130.7. During the period under review, production increased in food, beverages & tobacco, clothing, textile, chemicals, automobiles, iron and steel products, leather products and paper & paperboard while it decreased in rubber products and other transport equipment as compared to the same period of FY21.

The data further shows that the main contributors towards overall growth include sugar which increased 1.8pc, cigarettes 0.3pc, garments 3.8pc, woolen blankets 0.7pc, liquids/syrups 1.7pc, chemical products 0.7pc, billets/ingots 0.5pc, cement -0.3, glass sheet 0.4pc, jeeps & cars 1.3pc and furniture 1.2pc.

Textile, the top contributing sector to the overall big industry output, increased by 4.1pc, food 9.8pc, tobacco 12.9pc, clothing apparel 49.7pc, chemicals 9pc, automobiles 52.7 per cent, iron and steel products 16.5pc, leather products 0.6pc, wood products 125pc, paper and board 8.9pc, cock and petroleum products 1.7pc, chemical products 9pc, fertilisers 2.8pc, machinery and equipment 12.8pc, furniture 233.1pc and other manufacturing (football) 43pc during 11MFY22 compared to 11MFY21. 

The sectors showing decline during the period under review compared to the same period in the last fiscal included rubber products with production dropping by 17.3pc and other transport equipment which saw a 11pc decline in production.

The PBS has also released the data as per the base year of 2005-06, under which the LSM output increased by 9.9pc for May 2022 when compared with the same month of 2021. 

The LSM growth, as per this basis, in May was recorded only 0.04pc if compared with the growth in April 2022, showing a break in growth following the high jump in fuel prices and hike in tariff.