LSMI output increases 9.13pc in January

The Large Scale Manufacturing Index (LSMI) output increased by 9.13 percent to 175.15 points for January 2021 as compared to the same month 2020, data released by the Pakistan Bureau of Statistics (PBS) showed on Tuesday.

According to provisional Quantum Index Numbers (QIM) of Large Scale Manufacturing Industries, the LSMI output increased by 5.36pc when compared to December 2020. Whereas, the overall output of LSMI increased by 7.85pc for July-January 2020-21 as compared to July-January 2019-20.

Minister for Industries and Production Hammad Azhar in a tweet on Tuesday said, "the sustained and robust growth in the industry is expected to lift economic growth beyond earlier forecasts InshAllah."

LSMI Quantum Index Number (QIM) was recorded at 147.22 points during July-Jan 2020-2021 against 136.49 points during the same period of the preceding year. The LSM data released by the PBS after collecting it from the Provincial Bureau of Statistics (BOS), the Oil Companies Advisory Council (OCAC), and the Ministry of Industries showed that the OCAC recorded month-on-month growth of negative -12.37 percent in January 2021 against the previous month, and positive 2.33 percent growth was recorded year-on-year in January 2021 against January 2020.

The data showed that the Ministry of Industry-related sectors witnessed an increase of 9.23 percent in January 2021 against December 2020 on an MoM basis, while YoY basis, it registered a growth of 14.82 percent in January 2021 as compared with the same month of 2020.

The PBS data said that LSM-related data to the BOS month-on-month witnessed a decline of 2.26 percent in January 2021 against the previous month and on a YoY basis, BOS witnessed a decline of 5.41 percent in January 2021 against January 2020.

The production in July-January 2020-21 as compared to July-January 2019-20 has increased in textile, food, beverages & tobacco, coke & petroleum products, pharmaceuticals, chemicals, non-metallic mineral products, automobiles, and fertilizers.

The sectors showing decline during July-January 2020-2021 compared to July-January 2019-20 included electronics, leather products, and engineering products.