The Pakistan Bureau of Statistics (PBS) has released data indicating a notable increase in the production of the country’s large-scale manufacturing industries (LSMI) in January 2024.
According to the report, LSMI production surged by 1.84% year-on-year, reaching 132.43 compared to 130.03 in January 2023. Similarly, the LSMI output exhibited a marginal uptick of 0.03% month-on-month, standing at 132.43 compared to 132.39 recorded in December 2023.
However, despite the positive momentum in January, the cumulative performance over the past seven months of the fiscal year (7MFY24) showed a slight decline of 0.52% compared to the corresponding period of the previous year.
Analyzing the contributing sectors, the report highlights the pivotal role of food and beverages in driving overall growth, with increases of 0.38% and 0.12%, respectively. Conversely, sectors such as tobacco and textiles experienced declines of -0.82% and -1.90%, respectively.
Comparing the current fiscal year with the preceding one, the report underscores positive growth in sectors including food, beverages, wearing apparel, coke and petroleum products, chemicals, fertilizers, pharmaceuticals, machinery and equipment, and furniture. However, decreases were observed in sectors such as tobacco, textiles, paper and board, iron and steel products, electrical equipment, automobiles, and other transport equipment.
The provisional quantum indices of Large Scale Manufacturing Industries (LSMI) for January 2024, based on the 2015-16 base year, have been developed utilizing the latest data provided by relevant agencies.