ISLAMAABD

Pakistan's large scale manufacturing (LSM) sector had recorded growth of 3.95 percent in previous financial year 2013-14 over its preceding year.

According to the latest figures of Pakistan Bureau of Statistics (PBS), the Quantum Index Number (QIM) of LSM industries stood at 121.66 points during last fiscal year 2013-14 as compared to 117.04 points of the preceding year registering an increase of 3.95 percent.

Meanwhile, the LSM sector had recorded negative growth of 2.74 percent during June 2014 over the month of May. The growth has affected in last few months because of the severe energy crisis in the country that either shut down the industrial units or reduce their efficiency. However, the LSM sector had performed well in the first months of the previous year due to improved power supply when government cleared the circular debt worth of Rs 480 billion. Overall, the LSM sector performance remained satisfactory during the previous financial year. The government had projected that Pakistan would achieve growth of 4.14 percent during outgoing fiscal year mainly due to improved LSM performance.

The PBS compute LSM figures on production data received from the Oil Companies Advisory Committee (comprising 11 items), Ministry of Industries and Production (36 items) and the Provincial Bureaus of Statistics (65 items).

According to the PBS figures, growth in LSM was mainly driven by 11 categories of items in the last financial year 2013-14 over its preceding year. Major contribution towards positive growth was from textile 1.32 percent, food and beverages 7.16 percent, coke and petroleum products 6.22 percent, paper and board 10.99 percent, fertilizers 16.5 percent, electronics 9.55 percent, iron and steel products 5.58 percent, leather products 11.65 percent, chemicals 6.87 percent, non-metallic mineral products 0.79 percent and rubber products 11.47 percent.

Meanwhile, some sectors like wood products witnessed a decline of 27.57 percent, engineering products 12.52 percent, pharmaceutical 0.17 percent and automobiles 2.56 percent during the months under review. In electronic and electrical goods, production of refrigerators recorded a growth of 8.22 percent; deep-freezers was up by 43.12 percent; air-conditioners 15.17 percent; electric motors 31.2 percent and switch gears 44.95 percent during the last financial year over the same period previous year.

However, following of the goods registered negative growth, electric bulbs 5.29 percent; electric fans, 2.16 percent, electric meters 0.95 percent, electric transformers 60.53 percent and TV sets 9.86 percent and bicycles 11.21 percent during the period under review over the same months last year.