Big industry output grows 1.6pc

Large-scale manufacturing (LSM) staged a partial recovery in November after a contraction in the preceding month, data released by the Pakistan Bureau of Statistics showed on Monday. The LSM posted a paltry growth of 1.59 per cent in November on a year-on-year basis. The main contributors to positive growth are food, beverages, textiles, leather products, petroleum products and chemicals. The LSM turned positive in August 2023 after 14 months of contraction and extended the growth in September as well. The removal of import restrictions, clearance of outstanding letters of credit and improved dollar liquidity following improvement in the SBP forex reserves are considered to help in a pick-up in economic activity.