Industrial production increased by 11.7 % in 2021-22: PBS

Industrial production increased by 11.7 % in the fiscal year 2021-22, Pakistan Bureau of Statistics (PBS) shows, ARY News reported. 

According to the PBS data, the annual production of big industries witnessed a spike of 11.7 % in the fiscal year 2021-22. An increase of 11.5 % was noticed in June 2022, it added. The production increased by 0.2 % in comparison to May 2022.

Food producing and processing industries witnessed a growth of 8.4 %, while the tobacco sector gained by 15.9% in 2021-22. The PBS data said that Textile grew by 3.5 %, while the automobile sector saw a significant growth of 49.4 %.

The highest growth in production was witnessed in the timber and furniture sector. The Furniture sector grew by a staggering  180%, while the Timber by 115.7%.

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The pharmaceuticals industry grew by 13.7%, chemicals by 9 %, Iron and steel by 16.3%, and the Beverage industry by 0.5%.

Earlier, Prime Minister Shehbaz Sharif announced a super-tax of 10 % on large-scale manufacturers and industries in the country in order to address the economic woes of the country.

The prime minister while announcing the tough decisions in the wake of the economic situation said that industries related to steel, cement, sugar, oil and gas, fertilizers, energy and terminal, and textile will face a 10 % tax.