During the month of October, large-scale manufacturing production increased by 3.95% compared to September, data released by the Pakistan Bureau of Statistics (PBS) showed on Tuesday.
“The LSM output for October 2020 increased by 6.66pc compared to October 2019, and by 3.95pc compared to September 2020,” the bureau said.
Sector-wise, during the first four months of the current fiscal year, production in the minerals, pharmaceuticals, fruit, paper and cardboard, chemical and fertiliser industries rose by 23pc, 13.53pc, 12pc, 10.46pc, 9.22pc and 6pc compared with the same period last year.
On the other hand, during the four months under examination, the production of the wood, leather, manufacturing, electronics and steel sectors declined.
Asad Umar, Minister of Planning and Progress, commenting on the development, said that “industrial growth accelerates as economic recovery gathers pace”
In the period from July to Oct, large-scale demand increased by 5.46pc. The sector is pushing economic growth and recovery in Pakistan at a time when the global economy is in a deep recession, said Hammad Azhar, Minister of Industries and Production.
The noticeable raise in the figures for the large-scale manufacturing index was the key reason for the recovering economy, analysts said, as well as the decision of the premier to rule out lockdowns. This has increased the overall economic and industrial efficiency of the new financial year for the first four months.
Read Also: Swaziland’s PM dies of global plague
In addition, this was helped by a rise in credit offtake; compared to last year, overall offtake increased by 12pc to Rs22.99 trillion in October.
Despite rising on the basis of the lower base, the country’s large-scale manufacturing production is projected to rise in the coming months due to low interest rates, added value, steady exchange rates and cheap energy for different export-oriented sectors.