Large Scale Manufacturing grows 5.58% in July

ISLAMABAD: The country’s large scale manufacturing (LSM) sector has witnessed growth of 12.98 percent during July 2017 as compared to the corresponding period of last year.

The Quantum Index Numbers (QIM) of large scale manufacturing industries was recorded at 133 points during July 2017 against 117.72 points during same period of last year, according to latest data of Pakistan Bureau of Statistics (PBS).

The highest growth of 10.51 percent was witnessed in the indices monitored by ministry of industries followed by Provincial Bureaus of Statistics (PBOS) with 2.12 percent and the indices of Oil Companies Advisory Committee (OCAC) with 0.35 percent.

On month-on-month basis, the industrial growth increased by 4.36 percent during July 2017 as compared to June 2017.

Meanwhile, the major sectors that showed growth during July 2017 included textile (0.43 percent), food, beverages and tobacco (19.02 percent), coke and petroleum products (4.87 percent), pharmaceuticals (11.14 percent), non metallic mineral products (37.95 percent), automobiles (42.52 percent), iron and steel products (46.36 percent), chemicals (5.13 percent), leather products (2.52 percent), paper and board (11.23 percent), engineering products (21.95 per cent), rubber products (4.51 percent), and wood products (10.95 percent).

On the other hand, the LSM industries that witnessed negative growth, included fertilizers (0.80 per cent) and electronics (0.91 per cent).

The provisional QIM is being computed on the basis of the latest production data of 112 items received from sources including Oil Companies Advisory Committee (OCAC), Ministry of Industries and Production (MoIP) and Provincial Bureaus of Statistics (PBoS).

OCAC provides data of 11 items, MoIP of 36 items while PBoS proved data of remaining 65 items. Tax collection, GDP growth rate and foreign exchange reserves and industrial growth were moving up, while the inflation was going down.