LSM output hits 21-month high

Pakistan’s large-scale manufacturing (LSM) industries reached a 21-month high output, with strong support coming from agriculture, petroleum products, wearing apparel, and pharmaceutical sectors in December 2023, hinting at a gradual turnaround in economic activities in the current fiscal year 2023-24. The Pakistan Bureau of Statistics (PBS) reported on Thursday that LSM output increased by 3.43%, pushing the quantum index of manufacturing (QIM) to 132.87 in December 2023 compared to 128.37 in the same month of the last year. LSM production grew by 15.69% in December compared to the prior month of November 2023. Cumulatively, in the first half (Jul-Dec) of FY24, the large-scale manufacturing industries’ growth contrasted 0.39% compared to the same period of the last year. According to PBS, production in July-December 2023-24 increased in food, beverages, wearing apparel, coke and petroleum products, chemicals, fertilisers, pharmaceuticals, non-metallic mineral products, machinery and equipment, and other manufacturing (football). On the other hand, output decreased in tobacco, textile, iron and steel products, electrical equipment, automobiles, other transport equipment, and furniture during the period under review.