Large-scale Manufacturing and production (LSM) increased 7.85% in the first seven months of the current fiscal year (July’2020 – Jan-2021) compared to the corresponding period last year, Statistics Pakistan (PBS) said Tuesday.
On a monthly basis, industrial growth in January 2021 increased by 5.36% compared to December 2020.
Federal Minister for Industries and Production, Hammad Azhar said on Tuesday in a tweet that LSM rose 9.1% in January 2021 compared to January 2020. “The continued strong growth in the industry is expected to push economic growth beyond previous expectations, God willing,” he added.
The main sectors that showed positive growth between July to January period were textiles, food, beverages, tobacco, coke, petroleum products, pharmaceuticals, chemicals, non-metal products, automobiles and fertilizers.
Improving macro indicators along with low auto financing cost would keep demand strong and allow the Auto sector to grow going forward.
While the production of electronics and leather goods decreased. Engineering products experienced a recession.
Overall, Industrial Production index is expected to maintain its upwards trajectory in upcoming months. Growth in textile/cyclical sectors would be crucial to sustaining the index.
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