Pakistan’s manufacturing growth increases 6.24%

Islamabad: Pakistan’s large scale manufacturing (LSM) industries grew by 6.24 per cent during the first eight months of the fiscal year of 2017-18 on a yearly comparison, the Pakistan Bureau of Statistics (PBS) said on Tuesday.

According to the official data, the country’s LSM Quantum Index Numbers (QIM) were clocked at 145.28 points during the period for July 2017 to February 2018 when compared with 136.75 points recorded during the same duration of the previous fiscal year.

The Pakistan Bureau of Statistics, which is Pakistan’s premier government institution to release official economic data, said Pakistan recorded the highest growth of 4.08 per cent in the indices monitored by the Ministry of Industries, followed by 1.54 per cent growth in the products monitored by the Provincial Bureau of Statistics, and 0.62 per cent growth in the indices of the Oil Company Advisory Committee (OCAC).

In February 2018, the South Asian country’s industrial growth surged by 5.52 per cent when compared with the same month of last year. On the other hand, the industrial growth shrank by 1.51 per cent in February 2018 when compared with the growth posted in January 2018.

According to the official figures, the major sectors which posted growth during the reporting period were textiles with 0.47 per cent, food, beverages and tobacco with 2.33 per cent and 10.26 per cent in coke and petroleum products sector.

On the flip side, the LSM industries which remained in the red ink included chemicals production, fertilizers production, leather products, and wood products.

The Pakistan Bureau of Statistics computes the provincial QIM on the basis of the latest production data of 112 items, which is sourced from the OCAC, the Ministry of Industries and Production, and the Provincial Bureaus of Statistics.