Karachi: Pakistan’s large-scale manufacturing (LSM) industries have recorded a notable upturn, hitting a 21-month high in output, according to a news source on February 16.
As per the details, this surge in production, witnessed in December 2023, has been particularly bolstered by strong performances in agriculture, petroleum products, wearing apparel, and pharmaceutical sectors. The uptick in LSM output hints at a gradual resurgence in economic activities during the fiscal year (FY) 2023-24.
According to data released by the Pakistan Bureau of Statistics (PBS), the LSM output witnessed a significant increase of 3.43%, driving the quantum index of manufacturing (QIM) to 132.87 in December 2023, compared to 128.37 in the corresponding month of the previous year.
Notably, LSM production surged by 15.69% in December compared to November 2023. In the first half (July-December) of FY24, cumulative growth in large-scale manufacturing industries stood at 0.39% compared to the same period in the previous fiscal year.
The PBS reports indicate that production during July-December 2023-24 saw increases in various sectors including food, beverages, wearing apparel, coke and petroleum products, chemicals, fertilizers, pharmaceuticals, non-metallic mineral products, machinery and equipment, and other manufacturing sectors such as football.
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