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Large scale manufacturing grows 11.4 percent in December

Large scale manufacturing

Large-scale manufacturing (LSM) in the country grew by 11.4 percent in December 2020 as compared to December 2019.

According to the data released by Pakistan Bureau of Statistics (PBS), Large-scale manufacturing (LSM) in the country grew by 11.4 percent in December 2020. LSM recorded an overall growth of 8.16 percent in the first half (July-December) of the current fiscal year as compared to last year’s corresponding period.

Prime Minister Imran Khan also shared this good news on Twitter along with the news of Pakistan’s remittances staying above $2 billion for the eighth consecutive month. Remittances from overseas Pakistanis were $2.27 billion in January 2021, which was up by 19 percent as compared to January 2020.

He posted, “Good news from industrial sector also, showing sustained growth. Large scale manufacturing saw another double digit growth month in December 2020 – 11.4% growth vs Dec 2019. Cumulative July to Dec growth above 8% now.”

Read more: Large-scale manufacturing expands 6.66 percent during October

Ten industrial sectors showed remarkable growth, including textile, food, beverages and tobacco, coke and petroleum products, pharmaceuticals, chemicals, nonmetallic mineral products, automobiles, fertilizers and paper and paperboard, while five other sectors showed a decline.

Textile showed 3.54 percent growth, food, beverages and tobacco 17.72 percent, coke and petroleum products 23.91 percent, pharmaceuticals 13.82 percent, chemicals 16.95 percent, automobiles 43.91 percent, non-metallic mineral products 17.52 percent, fertilizers 11.98 percent, paper & board 8.93 percent and rubber products 8.24 percent.

Whereas, sectors that showed a decline in growth in December 2020 included electronics by 35.59 percent, leather products (40.55 percent), engineering products (23.93 percent) and wooden products (30.20 percent).

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