LSMI witnesses growth of 8.36pc in 1Q

ISLAMABAD: The Large Scale Manufacturing Industries (LSMI) of the country witnessed an impressive growth of 8.36 percent during the first quarter of the current fiscal year compared to the corresponding period of last year.

The country's LSMI Quantum Index Numbers (QIM) was recorded at 133.15 points during July-September (2017-18) against 122.87 points during July-September (2016-17), showing growth of over 8 per cent, according to the data of Pakistan Bureau of Statistics (PBS). The highest growth of 6.44 percent was witnessed in the indices monitored by Ministry of Industries, followed by 0.99 percent growth in the products monitored by Provincial Bureaus of Statistics (PBOS) and 0.93 growth in the indices of Oil Companies Advisory Committee (OCAC).

On year-to-year basis, the industrial growth increased by 2.51 percent during September 2017 as compared to same month of last year, however, on month-to-month basis, the industrial growth decreased by 7.83 percent in September 2017 when compared to growth of August 2017, the PBS data revealed.

Meanwhile, the major sectors that showed growth during July-September (2017-18) included textile (0.68 percent), food, beverages and tobacco (10.12 percent), coke and petroleum products (13.74 per cent), pharmaceuticals (2.12 percent), chemicals (4.73 per cent), non metallic mineral products (12.35 percent), automobiles (29.43 percent), iron and steel products (47 percent), electronics (2.67 percent), leather products (9.95 per cent), paper and board (9.8 percent), engineering products (25.97 percent), rubber products (1.28 percent) and wood products (6.78 per cent). On the other hand, the LSM industries that witnessed negative growth, included fertilizers, the production of which decreased by 5.84 percent during the period under review.