Daily Times

The overall output of large-scale manufacturing industries (LSMI) during the first 10 months (July-April) of the current fiscal year 2020-21 increased by 12.84 percent as compared to the same period of the last financial year 2019-20.

According to data released by the Pakistan Bureau of Statistics (PBS), the LSMI output increased by 68.07 percent for Apr 2021 compared to April 2020 and decreased by 6.99 percent if compared to March 2021.

The PBS said that the provisional quantum indices of LSMI for April 2021 with base year 2005-06 have been developed on the basis of latest data supplied by the source agencies.

The production in July-April 2020-21 as compared to July-April 2019-20 has increased in textile (13.15pc), food, beverages & tobacco (11.46pc), coke & petroleum products (17.52pc), pharmaceuticals (11.83pc), chemicals (17.87pc), non-metallic mineral products (24.60pc), automobiles (37.89pc), iron & steel products (12.16pc) fertilizers (6.33pc) and paper and board (1.92pc), while it decreased in electronics (-12.90pc), leather products (-33.33pc) and rubber products (-13.08).

Meanwhile, Minister for Energy Hammad Azhar tweeted that the growth was “much more than the 9 percent number used to project 3.94 percent GDP growth”.

If large-scale manufacturing (LSM) extends this trend in May and June, then the GDP growth rate for the current fiscal year will easily surpass the current projections of 3.94 percent, he added.