In January 2024, Pakistan’s Large-scale Manufacturing Industries (LSMI) output witnessed a year-over-year increase of 1.84%, reaching a level of 132.43, up from 130.03 in January 2023, as reported by the Pakistan Bureau of Statistics (PBS).
The slight month-on-month growth of 0.03% from December 2023’s figure of 132.39 was also noted.
Despite the monthly gains, the cumulative performance for the first seven months of the fiscal year 2024 (7MFY24) indicates a 0.52% decline compared to the same period in the previous year.
The sectors contributing to this downturn include Tobacco, Textile, Paper & Board, Iron & Steel Products, Electrical Equipment, Automobiles, and other Transport Equipment.
Conversely, sectors like Food, Beverages, Wearing Apparel, Coke & Petroleum Products, Chemicals, Fertilizers, Pharmaceuticals, Machinery and Equipment, and Furniture showed an upward trend during this period.
The PBS has developed the provisional quantum indices for LSMI for January 2024 based on the latest data from source agencies, using the base year of 2015-16.
This analysis provides insight into the sectoral performance and overall industrial activity in the country.
This is positive news! A 1.84% year-on-year growth in LSMI (Large Scale Manufacturing Industries) production for January indicates a steady upward trend in industrial output. It suggests resilience and potential for economic expansion despite various challenges. This growth can have far-reaching implications, including job creation, increased consumer spending, and overall economic development. It’s essential for sustaining momentum and fostering a conducive environment for industrial growth in the coming months.