ISLAMABAD - Large-Scale Manufacturing (LSM) sector has recorded 9.44 percent growth in January 2018 after shrinking in two consecutive months of December and November.
Industrial production in the two months was mainly led by delay in cane crushing particularly in Sindh and Khyber Pakhtunkhwa. However, the LSM has once again recorded healthy growth in January this year.
The LSM, which constitutes 80 percent share within manufacturing and 10.7pc in overall GDP, recorded growth of 6.33 percent during seven months (July to January) of the current fiscal year over a year ago.
The government had projected LSM growth target at 6.3 percent for the ongoing financial year 2017-18.
The Pakistan Bureau of Statistics (PBS) computes the quantum index numbers of the 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 LSM data, provided by the Ministry of Industries and Production for 36 items, showed growth of 4.46 percent during July-January of the year 2017-18 over a year ago.
Similarly, the data provided by the provincial Bureaus of Statistics for 65 items showed growth of 1.28 percent over the same period.
The output of 11 items, whose data is provided by the Oil Companies Advisory Committee, had increased by 0.59 percent during the period under review.
The main drivers of the LSM sector's growth during the period under review were: iron and steel that recorded 33.9 percent growth , automobile 21.23pc, non-metallic mineral products 11.97pc, engineering products 5.62pc and coke & petroleum products that recorded growth of 9.45 percent during July-January period of the current financial year over a year ago. Similarly, textile, food, beverages & tobacco, pharmaceuticals, chemicals, electronics, paper & board and rubber products also registered growth during period under review.
On the other hand, fertilizer industry recorded negative growth of 7.34 percent during July-January period and wood products recorded negative growth of 23.83 percent during July-January period of the 2017-18.