ISLAMABAD - The country’s large scale manufacturing (LSM) sector recorded growth of 1.17 per cent during the previous financial year (July 2011-June 2012 period) as against its preceding year 2010-11 mainly due to the unfriendly economic situation of the country.

According to the latest figures resealed by PBS on Wednesday, the Quantum Index Number (QIM) of LSM industries stood at 112.39 points in July 2011-June 2012 period as compared to 111.09 points of the July 2010-June 2011 period, registering a minor growth of 1.26 per cent in one-year period. The LSM sector, which accounts for 70 per cent of industrial production of the country, is facing worst power crisis that affected the industrial sector rendering millions of people unemployed. Hundreds of industrial units shut down in the country due to the energy shortage.

Meanwhile, growth of LSM sector has reduced by 2.11 per cent in June 2012 compared to the month of May 2012. The Quantum Index Number of LSM industries stood at 108.04 points in June 2012 as compared to 108.30 points of May 2012. The Quantum Index Numbers (QIN) of Large Scale Manufacturing Industries has been computed in the PBS on the basis of latest production data of 112 items received from various sources i.e. Oil Companies Advisory Committee (OCAC), Ministry of Industries & Production and Provincial Bureaus of Statistics. The OCAC supplied the data of 11 items, the Ministry of Industries & Production supplied the data of 36 items and Provincial Bureaus of Statistics provided data for 65 items.

According to the PBS figures, OCAC group growth went down by 0.32 per cent during the last financial year; Ministry of Industries registered a growth of 0.74 per cent and provincial BOS showed growth of 0.75 per cent in the period under review against the same period of last year.

In OCAC, the commodities showed negative growth including jet fuel oil (15.54 per cent), motor spirit, (0.52 per cent), high speed diesel (0.59 per cent), diesel oil (41.53 per cent), furnace oil (11.06 per cent), solvent Naphtha (12.27 per cent), LPG (0.48 per cent) and petroleum products (8.90 per cent) during the last fiscal year 2011-2012 against the same period of the last year 2010-11.

Meanwhile in OCAC, the following products showed positive growth rate including kerosene (9.22 per cent), lubricating oil (5.74 per cent), and, jute batching oil (5.06 per cent) in July-June period of 2011-12 against July-June of 2010-11.

The Ministry of Industry index registered a growth of 0.74pc comprising 35 main industries in QIN of LSM. The industries showing positive growth includes, sugar (11.16pc), cotton yarn, (0.52 pc), cotton cloth, (0.30pc), cement (2.59 per cent), motor cycles (0.43 per cent) during the last fiscal year against the same period last year.  Meanwhile, the industries showing negative growth includes cigarettes (5.27 per cent), pig iron (22.85 per cent), tractors (32.04 per cent), and trucks (7.58 per cent) during the period under review against the same period o its preceding year 2010-11.