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LSM registers around 10pc growth in December

ISLAMABAD: Pakistan Bureau of Statistics (PBS) in fresh data unveiled nearly 10 percent growth posted in the large-scale industries last month.

Ministry of Finance Special Secretary and Spokesperson Omar Hamid Khan in a tweet said “Large Scale Manufacturing on growth trajectory in Dec 2019 with recording an increase of 9.7% against -11.5% in December last year. The MoM growth stood at 16.4% in December 2019 as against -4.1 % in November 2019.”

PBS data showed that out of 15 major industries, eight recorded growth while the output in seven industries contracted in the July-December period.

The large-scale manufacturing (LSM) output increased 9.66% in December in comparison to the same month of the last year, the national data agency said in its report. The growth in the manufacturing sector will help to create jobs if the trend continues in coming months.

The Ministry of Industries, which monitors 15 industries, reported 7.4% growth in December over the same month of the previous year.

According to the data released by the PBS, the sectors that posted growth during first half of the year included textile which grew 0.32%, fertilizer registered growth of 4.9% and non-metallic mineral products recorded 2.9% growth.

The manufacturing of leather products recorded 11% growth, rubber products 1.3%, wood products 46.6% and paper and board 7.9% in the July-December period. Production of food, beverages and tobacco increased 4.3%.

The industries that recorded growth in their manufacturing in July-December 2019 included coke and petroleum products production, which showed 10.3% growth, pharmaceuticals 6.4%, chemicals 4.1%, automobiles 36.4%, iron and steel products 12.3% and electronics 14%.

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