ISLAMABAD
Pakistan’s large scale manufacturing (LSM) sector recorded 3.89 percent growth during first half (July-December) of the current fiscal year over a year ago.
The Quantum Index Number (QIM) of LSMI industries stood at 124.9 points during July-December 2015-16 as compared to 120.23 points of the preceding year, according to the data of Pakistan Bureau of Statistics released on Tuesday. The latest data showed that automobiles and fertilizers contributed to the LSM’s growth during July-December. Meanwhile, in December 2015, the sector’s output was up 2.28 percent over the same month last year.
Automobiles sector has the highest value in LSM growth that inched up by 32.5 percent. The fertilizer sector’s growth was up by 15 percent; chemicals industry’s growth surged by 11.64 percent, coke and petroleum products 6.81 percent, pharmaceuticals 6.84 percent, non metallic mineral products 6.71 percent, rubber products 9.81 percent, and textile sector recorded growth of 1.02 percent during July-December.
The sectors, which witnessed negative growths, included wood production that plunged by 40.12 percent, paper and board that declined 14.03 percent, engineering sector that dropped 18.59 percent and electronics that plummeted 7.46 percent.
The automobile sector flourished due to the introduction of new models. Trucks production went up by 21.76pc, buses 65.78pc, cars and jeeps 47.24pc and LCVs (light commercial vehicles) by 144.58pc. Production of motorcycles increased by 15.8pc during July-December. However, tractors production fell by 45.89pc.
In electronics products, production of deep freezers increased by 9.38pc, air-conditioners 27.88pc, switch gears 40.62pc and storage batteries 3.49pc. However, the production of refrigerators declined by 1.82pc, electric bulbs by 21.78pc, fans 3.26pc, motors 15.47pc, meters 18.68, electric transformers 15.35pc and bicycles production down by 13.95pc during the period under review.
The PBS computes the quantum index numbers of LSM on the basis of latest production data of 112 items received from various sources, including the Oil Companies Advisory Committee (OCAC), Ministry of Industries and Production and provincial bureau of statistics.
“The economy has been resilient, with growth projected to pick up from 4.2 percent in FY2014/15 to 4.5 percent or more in FY 2015/16, on the back of continued expansion in large scale manufacturing, construction and the service sector”, IMF stated in a recent report on Pakistan.