The first five months (July-November) of 2022-23 saw a 3.58% decrease in the Large Scale Manufacturing (LSM) sector, compared to the same period last year, said the Pakistan Bureau of Statistics (PBS).
Large Scale Manufacturing Industries (LSMI) output declined by 5.49% for November 2022 compared to November 2021 but climbed by 3.55% compared to October 2022, according to the Provisional Quantum Index Numbers (QIM) of LSMI released on Tuesday.
The QIM is predicted to be 111.41 for July through November 2022–23 and 112.30 for that month.
According to the PBS’s release of LSM data with 2015–16 as the base year, food (-1.02), tobacco (–0.57), textiles (–2.47), clothing (4.46), petroleum products (–1.02), cement (–1.16), pharmaceuticals (–1.34), and autos are the biggest causes of decline (-1.27).
The sectors showing growth during July-Nov 2022-23 compared to July-Nov 2021-22 are wearing apparel (51.48%), leather products (8.18%), electrical equipment (1.06%), furniture (99.29%) and other manufacturing (football) (59.69%).
The decline in LSMI comes as Pakistan’s economy has crumbled alongside a simmering political crisis, with the rupee plummeting and inflation at decades-high levels, while devastating floods and a major shortage of energy have piled on further pressure.
