Overall output of the Large Scale Manufacturing (LSM) sector declined by 3.58% during the first five months (July-November) of 2022-23 when compared with the same period of the previous year, said the Pakistan Bureau of Statistics (PBS).

According to the Provisional Quantum Index Numbers (QIM) of Large Scale Manufacturing Industries (LSMI) released on Tuesday, LSMI output decreased by 5.49% for November 2022 when compared with November 2021 but increased by 3.55% when compared with October 2022.

The QIM estimated for July-November 2022-23 is 111.41, and for November 2022 is 112.30.

Jul-Oct LSM sector output down 2.89pc YoY

The LSM data released by the PBS with base year 2015-16 showed that the main contributors towards decline are food (-1.02), tobacco (-0.57), textile (-2.47) garments (4.46), petroleum products (-1.02), cement (-1.16), pharmaceuticals (-1.34), and automobiles (-1.27).

The sectors showing growth during July-Nov 2022-23 compared to July-Nov 2021-22 are wearing apparel (51.48%), leather products (8.18%), electrical equipments (1.06%), furniture (99.29%) and other manufacturing (football) (59.69%).

The decline in LSMI comes as Pakistan’s economy has crumbled alongside a simmering political crisis, with the rupee plummeting and inflation at decades-high levels, while devastating floods and a major shortage of energy have piled on further pressure.

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