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Large Scale Manufacturing Index (LSMI) has witnessed a decline of 5.4 percent, from 145.54 points to 137.68 points during July-March 2019-2020 against same period of the past year, as per the Pakistan Bureau of Statistics (PSB).

According to the PBS' Provisional Quantum Index Numbers of LSMI released here on Tuesday, the LSMI output also witnessed a reduction of 22.95 percent on Year-on-Year (YoY) basis as it went down from 162.30 points in March 2019 to 125.05 points in March 2020.

Similarly, the LSMI on Month-on-Month (MoM) basis also witnessed a reduction of 21.99 percent in March 2020 as compared to February 2020 as it went down from 160.30 points to 125.05 points.

According to the PBS data, during July-March 2019-20 against July-December 2018-19, automobile industries growth declined by 36.50 percent, iron and steel production declined by 7.90 percent, coke and petroleum products declined by 17.46 percent, electronics by 13.54 percent, pharmaceuticals by 5.38 percent, engineering products by 7.05 percent, chemicals 2.30 percent, textile 2.57 percent, wood products declined by 22.11 percent, and food, beverages and tobacco 2.33 percent.

The sector showing increase during the period from July-January 2019-20 included non-metallic mineral products 1.82 percent, fertilizers registered a growth of 5.81 percent, leather products recorded a growth of 4.96 percent, paper and board by 4.23 percent, rubber products 4.31.

The PBS said the provisional quantum of the LSM for September 2019 with base year 2005-06 has been developed on the basis of latest data supplied by the sources agencies such as Oil Companies Advisory Council (OCAC), the Ministry of Industries and Provincial Bureau of Statistics (BOS).

The data said that during July-March 2019-20 as compared with same period of the last year, growth of 11 items related to Oil Companies Advisory Council (OCAC) industries witnessed a decline of 17.46 percent from 112.40 points to 92.78 points.

Ministry of Industries related 36 items' registered a negative growth of 5.70 percent from 138.85 points to 130.93 points, and 65 items related to provincial Bureau of Statistics (BOS) showed a negative growth of 1.98 percent, from 178.78 points to 175.23 points.

On monthly basis, the OCAC-related industries growth declined by 0.31 percent from 67.71 points in February 2020 to 61.19 points in March 2020, Ministry of Industries related LSM recorded a decline of 19.86 percent from 162.95 points to 117.77 points, and provincial BOS related LSM declined by 1.82 percent, from 184.35 points to 171 points.

Copyright Business Recorder, 2020

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