Pakistan’s large scale manufacturing sector recorded growth of 4.67 per cent during July 2015 over a year ago.

The Quantum Index Number (QIM) of LSMI industries stood at 118.07 points during July 2015 as compared to 112.8 points of the preceding year, according to the data of Pakistan Bureau of Statistics released on Tuesday. The growth in the industrial output in July 2014 was only 1.40 percent.

Automobiles sector has the highest value in LSM growth that inched up by 52.5 per cent. The fertiliser sector was up by 19.1 percent; chemicals industry’s growth surged by 15.19 per cent and leather products by 10.84 percent during first month of the ongoing financial year. Other sectors including pharmaceuticals industry recorded growth of 7.22 per cent, non-metallic mineral products 4.72 per cent, coke & petroleum products 3.35 per cent and food, beverages & tobacco registered growth of 1.27 per cent during July 2015 over a year ago.

According to the PBS data, the sectors which witnessed negative growths included wood production that plunged by 32.78 percent, paper and board that declined 21 per cent, engineering sector that dropped 6.18 percent, electronics that plummeted 3.97 percent and rubber products, which went down by 1.14 percent. The PBS computes the quantum index numbers of LSM on the basis of latest production data of 112 items received from various sources, including the Oil Companies Advisory Committee, Ministry of Industries and Production and provincial bureau of statistics.

The government has estimated LSM growth at 6 percent for the ongoing financial year 2015-2016. “The main growing industries in 2015-16 would be textile, chemicals, automobile, pharmaceuticals, electronics, leather products, paper and boards, cement and non-metallic minerals”, stated the Annual Plan for the ongoing financial year 2015-2016.

Finance Minister Ishaq Dar expressed satisfaction over the positive trend in the LSM growth and said that the government was doing all it could to facilitate every sector of the economy. He said after achieving economic stability the government now has its eyes set on sustainable and inclusive growth and the profile of the LSM sector augurs well for attaining this objective.

Pakistan’s large scale manufacturing (LSM) sector posted a growth of 3.3 percent during the last fiscal year of 2014/15 over the preceding year.

According to the latest PBS figures, in electronic and electrical goods, production of refrigerators recorded a positive growth of 1.764 per cent; deep freezers 16.76 per cent, air-conditions 5.26 per cent, electric bulbs 6.36 per cent, electric fans 0.86 per cent, electric meters 3.78 percent, switch gears 9.49 per cent and storage batteries 47.57 percent during July 2015. Following of the sectors in electronic and electrical goods recorded negative growth: electric motors (15.53 per cent), electric transformers (23.99 per cent) and TV sets (3.42 per cent) during the period under review.

In automobile sector, the production of trucks was up by 49.54 per cent; tractors 31.96 per cent; jeep and cars 83.50 per cent, buses 37.78 per cent, motorcycles 12.8 per cent during July2015 from the corresponding period of last year.

Meanwhile, in ministry of industries and production, cement sector recorded growth of 5.05 per cent, phosphorus fertilizers 17.36 per cent, nit fertilizers 19.34 percent, caustic soda 39.62 per cent, cotton cloth 0.44 per cent and cotton yarn 1.09 per cent. However, following sectors registered negative growth, cigarettes 24.31 percent, jute goods 25.56 percent and paper and board 21 percent during period under review.