LSMI sheds by 2.9% in first four months of FY23

ISLAMABAD: Large-scale manufacturing industries (LSMI) posted a negative growth of 2.9 per cent in the first four months of the current fiscal year 2022-23, official data of the Pakistan Bureau of Statistics showed on Thursday.

According to the data released by PBS, the output of the LSMI decreased by 7.75% for October 2022 as compared with October 2021 and 3.62% when compared with September 2022.

Overall LSMI showed a decline of 2.89% during July-October 2022-23 when compared with the same period of last year.

The report further said that the production in July-October 2022-23 as compared to July-October 2021-22 has increased in wearing apparel and furniture while in food, tobacco, textile, pharmaceuticals, rubber products, non-metallic products, fabricated metal, electrical equipment and other sectors deceased.

The main contributors to the slowdown in the first four months of FY-23 in LSMI were petroleum products (down 1.4pc), cement (1.4pc), pharmaceuticals (1.8pc), iron and steel products (0.2pc) and automobiles (1.5pc).