Based on the latest Large Scale Manufacturing Industries (LSMI) figures, Minister for Industries and Production Hammad Azhar exuberantly stated that industry is driving Pakistan’s economic growth in the midst of the global COVID-19 pandemic.
The minister took to Twitter to announce that large scale manufacturing output increased by an impressive 5.46 percent in the July-October 2020 period, thereby proving that economic growth in Pakistan was being driven by the industry.
“Large Scale Manufacturing grew by 5.46% in Jul-Oct period. At a time when the global economy is in deep recession, Industry is driving economic growth and recovery in Pakistan,” he tweeted.
The statement came in the wake of the recently released provisional Quantum Index Numbers (QIM) of Large Scale Manufacturing Industries by the Pakistan Bureau of Statistics (PBS).
As per the latest figures, LSMI output witnessed a surge of 6.66 percent during October 2020 as compared to the same period last year. The figure also represents a 3.95 percent boost over the LSMI output during September of this year.
Overall, LSMI output for July-October 2020-21 is 5.46 percent higher as compared to July-October 2019-20.
Output has increased this year in the following industrial sectors:
- Textile
- Food
- Beverages & Tobacco
- Coke & Petroleum Products
- Pharmaceuticals
- Chemicals
- Non-metallic mineral products
- Fertilizers
- Paper & Paperboard
Meanwhile, output has decreased in the following sectors:
- Automobiles
- Iron & Steel Products
- Electronics
- Leather Products
