Big industry output shrinks 14pc in May

Large-Scale Manufacturing (LSM) experienced a significant year-on-year contraction of 14.37 per cent in May, showed data released by the Pakistan Bureau of Statistics on Thursday. This marks the ninth consecutive month of decline for the country’s major industries during the outgoing FY23. The primary reason behind this decline can be attributed to a slowdown in the production of export-oriented textile and clothing sectors. The consequences of this downturn in large industries are evident in the form of a significant number of job losses. The reduction in production capacity has led to an unfortunate situation where many individuals were rendered jobless. These statistics highlight the challenges faced by Pakistan’s manufacturing sector and raise concerns about the overall economic performance of the country in the coming months. The growth of LSM experienced a decline in May compared to the same month last year. The decline was 21pc in April, which is lower than the decline of 25pc in March, 11.6pc in February, and 7.9pc in January. In December 2022, there was a small decrease of 3.51pc.