Fri. Mar 1st, 2024
LSMI Records Marginal 0.44% Downturn in Initial Four Months of FY 2022-23LSMI Records Marginal 0.44% Downturn in Initial Four Months of FY 2022-23

In the intricate tapestry of economic indicators, the Manufacturing Sector’s trajectory in the first four months of the fiscal year 2022-23 paints a nuanced picture, characterized by a modest 0.44% contraction, as detailed in the latest report from the Pakistan Bureau of Statistics (PBS).

The provisional quantum indices for October 2023, meticulously crafted on the foundation of the 2015-16 base year, draw upon the most recent data supplied by authoritative source agencies.

Parsing through the intricate details, a comprehensive year-on-year analysis by PBS indicates a discernible 4.08% downturn in the Large Scale Manufacturing Industries (LSMI) sector, contrasting with the industrial output of October 2022. The subtlety of this contraction is underscored by its multifaceted impact across various industrial segments.

Key contributors to the overall negative growth of 0.44% encompass an array of sectors, including Food (0.61), Tobacco (-0.71), Textile (-3.12), Garments (3.98), Petroleum Products (0.49), Chemicals (0.22), Pharmaceuticals (1.66), Cement (0.42), Iron & Steel Products (-0.10), Electrical Equipment (-0.50), Automobiles (-1.51), and Furniture (-1.84).

However, peeling back the layers of this economic narrative, a more detailed examination of the production dynamics during July-October 2023-24, as compared to the same period in the previous fiscal year, reveals a nuanced landscape. Sectors such as Food, Beverages, Wearing Apparel, Coke & Petroleum Products, Chemicals, Fertilizers, Pharmaceuticals, Non-Metallic Mineral Products, Machinery and Equipment, and Other Manufacturing (Football) have witnessed a commendable uptick in production.

In contrast, the Tobacco, Textile, Iron & Steel Products, Electrical Equipment, Automobiles, Other Transport Equipment, and Furniture sectors exhibit a discernible decrease in production during this timeframe, injecting a layer of complexity into the evolving narrative of the manufacturing landscape.”

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By Zarish

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