KARACHI: The large-scale manufacturing (LSM) industry which is estimated to have 10.7 percent share in the country’s total Gross Domestic Product (GDP) has shown growth of 5.60 percent during Fiscal Year 2016-17 (FY17). According to the industrial production index released by Pakistan Bureau of Statistics on Friday, the full year LSM growth stood at 5.60 percent. That’s much higher than 3.1 percent in the last fiscal year, and 3.3 percent in the fiscal year before. The LSM industry output increased by 3.3 percent for June 2017 compared to June, 2016 and decreased 6.5 percent if compared to May 2017. For the outgoing fiscal year 2016-17, the government had targeted LSM growth at 5.9 percent while the sector has achieved the target almost in FY17 after long time. LSM sector constitutes 80 percent of Pakistan’s manufacturing base. The 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 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 4.18 percent during July-June period of the year 2016-17 over a year ago. Similarly, the data provided by the Provincial Bureaus of Statistics for 65 items showed growth of 1.22 percent over the same period. The output of 11 items whose data is provided by the Oil Companies Advisory Committee had increased by 0.21 percent during the period under review. The main drivers of the LSM sector’s growth during the period under review were; Food, Beverages & Tobacco that recorded growth of 2.32 percent pharmaceuticals with growth rate of 0.76 percent, automobiles with growth of 0.73 percent, iron and steel with growth rate of 0.70 percent, non-metallic mineral products with growth of 0.49 percent, electronics 0.28 percent, fertilisers recorded growth of 0.10 percent growth, textile 0.23 percent, coke & petroleum products 0.17 percent, paper & board 0.24 engineering products 0.01 and rubber products recorded growth of 0.00 percent. The sectors, whose output declined, included wood production that plunged by 0.04 percent, leather products by 0.34 percent and chemicals 0.05 percent. Published in Daily Times, August 19th 2017.