ISLAMABAD - Large Scale Manufacturing (LSM) in the country has witnessed an impressive 5.1 percent growth during first three quarters of current fiscal year as compared to 4.6 percent in same period last year.

The Year on Year, LSM recorded significant growth of 10.5 percent in March 2017 as compared to 7.6 percent of March 2016. Official statistics on Monday showed that manufacturing sector is backbone of economy and constitutes second largest sector of economy contributing 13.5pc GDP and generating biggest number of industrial employment with technology transfer.

It comprises mainly of LSM with 80 percent share in manufacturing and 10.7 percent in GDP whereas small scale manufacturing accounts for 1.8 percent in total GDP and 13.7 percent share in manufacturing. The third component of the sector is slaughtering and accounts for 0.9pc percent in overall GDP and its share in manufacturing is 6.7pc.

The overall manufacturing sector continued to maintain its growth momentum with more vigor during current fiscal year. During 2017, it recorded an impressive growth of 5.3 percent against 3.7 percent of last year.