LSM sector witnesses 4.67% growth in July
The country’s large scale manufacturing (LSM) sector has witnessed growth of 4.67% during the first month of the current fiscal year as compared to the corresponding period of last year.The Quantum Index Numbers (QIM) of LSM industries were recorded at 118.07 points during July 2015 against 112.8 points during same period of last year, according to data of the Pakistan Bureau of Statistics (PBS).
The highest growth of 2.78% was witnessed in the indices monitored by the Ministry of Industries (MoI), followed by Provincial Bureaus of Statistics (PBOS) with 1.71% and the indices of Oil Companies Advisory Committee (OCAC) with 0.19%. On month-on-month basis, the industrial growth decreased by 3.7% during July 2015 as compared to June 2015.
Meanwhile, the major sectors that showed growth during July 2015 included textile (0.65%), food, beverages and tobacco (1.27%), coke and petroleum products (3.35%), pharmaceuticals (7.22%) chemicals (15.19 %), non metallic mineral products (4.72%), automobiles (52.5%), iron and steel products (0.26%), fertilisers (19.1%) and leather products (10.84%).
On the other hand, the LSM industries that witnessed negative growth included electronics (3.97%), paper and board (21%), engineering products (6.18%), rubber products (1.14%) and wood products (32.78%).
The provisional QIM is being computed on the basis of the latest production data of 112 items received from sources including OCAC, MoI and PboS.
OCAC provides data of 11 items, MoIP of 36 items while PboS proved data of remaining 65 items. Tax collection, GDP growth rate and foreign exchange reserves and industrial growth were moving up, while the inflation was going down.