islamabad - The country’s large scale manufacturing (LSM) sector has witnessed growth of 5.16 per cent during the first eight months of current fiscal year as compared to the corresponding period of last year.

The provisional Quantum Index Numbers (QIM) of large scale manufacturing industries was recorded at 120.51 points during July-February

(2013-14) against 114.59 points during July-February (2012-13), according the data of Pakistan Bureau of Statistics (PBS). The highest growth of 3.3 per cent was witnessed in the indices of Ministry of Industries followed by provincial bureaus of Statistics (PBOS), which increased by 1.35 and the indices of Oil Companies Advisory Committee (OCAC) witnessed a growth of 0.51 per cent.

On year-to-year basis, the industrial growth increased by 1.14 per cent during February 2014 as compared to February 2013 while on month-to-month basis, the industrial growth decreased by 1.03 per cent during February 2014 when compared to growth of January 2013, the data revealed.

Meanwhile, the major sectors that showed growth during July-February (2013- 14) included textile (1.47 per cent), food beverages and tobacco (10.66 per cent), coke and petroleum products (6.74 per cent) paper and board (6.83 per cent) and electronics (6.33 per cent). Similarly, the production of fertilizers increased by 24.19 per cent, leather products by 14.87 per cent, iron and steel products by 3.47 per cent, rubber products by 8.16per cent, chemicals by 8.13 per cent and non-metallic mineral products by 1.24 per cent.

On the other hand, the LSM industries that witnessed negative growth, included wood products, production of which decreased by 7.21 per cent during the period under review while the output of engineering products decreased by 22.18 per cent. Similarly, the production of automobiles decreased by 0.86 per cent and that of pharmaceutical decreased by 0.3 per cent during the period, according to the data of PBS.

The provisional QIM is being computed on the basis of the latest

production data of 112 items received from sources including Oil Companies

Advisory Committee (OCAC), Ministry of Industries and Production (MoIP) and Provincial Bureaus of Statistics (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.