Large Scale Manufacturing Sees Biggest Drop in 5 Years

The Large Scale Manufacturing Industries (LSMI) output decreased by 7.75 percent for October 2022 when compared with October 2021, the highest drop in over five years (excluding the peak Covid-19 period March-July 2020). According to the Pakistan Bureau of Statistics (PBS), the LSMI output is down 3.62 percent when compared with September 2022.   The Large Scale Manufacturing Sector has shown a decline of 2.89 percent in July-October 2022-23 when compared with the same period of last year, says Pakistan Bureau of Statistics (PBS). The Quantum Index of Large Scale Manufacturing Industries (QIM) estimated for July-October, 2022-23 is 111.43. QIM estimated for October 2022 is 108.32. Overall Large Scale Manufacturing Sector has shown a decline of 2.89 percent from July-October 2022-23 when compared with the same period of last year. The main contributors to the overall growth of -2.89 percent are Food (-0.72), Tobacco (-0.58), Textile (-1.92) Garments (4.44), Petroleum Products (-1.38), Cement (-1.23), Pharmaceuticals (-1.57), and Automobiles (-1.38). The production in July-October 2022-23 as compared to July-October 2021-22 has increased in Wearing apparel and Furniture while it decreased in Food, Tobacco, Textile, Coke &  Petroleum Products, Pharmaceuticals, Rubber Products, Non-Metallic Mineral Products,  Fabricated metal, Electrical Equipment, Machinery and Equipment, Automobiles and Other transport equipment.