Karachi, December 10, 2024 – A Chinese company has taken a significant step toward fostering industrial collaboration by exploring a joint venture (JV) to manufacture tyres in Pakistan.
(more…)Tag: Large Scale Manufacturing
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LSM in Negative: Pakistan Economic Survey 2023-24
PkRevenue.com – The Pakistan Economic Survey 2023-24, released on Tuesday, revealed that Large-Scale Manufacturing (LSM) remained in negative territory at -0.1 percent during July-March FY 2024, marking an improvement from the -7.0 percent growth recorded in the corresponding period last year.
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LSM Records Modest Growth of 0.6% in February 2024
Islamabad, April 16, 2024 – Official data released on Tuesday revealed that Pakistan’s Large-Scale Manufacturing (LSM) sector witnessed a slight expansion of 0.6 percent in February 2024 compared to the same period last year.
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Pakistan Witnesses 1% Year-on-Year Growth in Large-Scale Manufacturing in September 2023
Karachi, November 15, 2023 – Pakistan large-scale manufacturing sector experienced a notable growth of 1% in September 2023 on a year-on-year (YoY) basis, as per official statistics released by the Pakistan Bureau of Statistics on Wednesday.
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LSM posts 10.4% growth in July – March: Economic Survey
ISLAMABAD: Large Scale Manufacturing (LSM) has registered a significant 10.4 per cent growth during first nine months (July – March) of the current fiscal year, according to Economic Survey of Pakistan 2021/2022 released on Thursday.
According to the survey, the performance of LSM stood tremendous with 10.4 percent growth during July-March 2021/2022 as compared to growth of 4.2 percent same period last year.
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The prudent measures and continuous support along with rising global demand, easy access to credit, and partially subsidized energy supplies bode well in boosting the business sentiments and achieving higher growth of LSM.
On a year-on-year (y-o-y) basis, LSM grew by 26.6 percent in March FY2022 against 22.5 percent growth in the same month last year. However, on a month-on-month (m-o-m) basis LSM marked the growth of 8.2 percent in March 2022 against 3.7 percent in February 2022.
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Out of 22 subsectors, 17 posted growth during July-March FY2022. The performance was broad-based on the back of strong growth of high weighted sectors such as Textile, Food, Wearing Apparel, Chemicals, Automobile, Tobacco, Iron & Steel Products along with Furniture, Wood Products, and Footballs.
READ MORE: Pakistan achieves 5.97% GDP growth in 2021/2022: Economic Survey
The Mining and Quarrying sector remained negative at 4.47 percent during July-March FY2022 as against the growth of 1.21 percent last year. This sector is lagging behind despite huge potential, due to interconnected and cross-cutting issues like poor regulatory framework, insufficient infrastructure at mines sites, outdated technology installed, semi-skilled labor, low financial support, and lack of marketing. Production of major minerals such as Coal, Natural Gas, Chromite, Crude Oil, and Barytes witnessed a growth of 8.34, 3.45, 25.7, 4.48, and 162.5 percent, respectively.
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However, some witnessed negative growth during the period under review such as Magnesite 52.3 percent, Gypsum 36.9 percent, Lime stone 33.3 percent, Ocher 25.5, Rock Salt 24.2 percent, and Marble 22.9 percent.
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LSM growth exhibits massive decline on lower PSDP spending
ISLAMABAD: The Large-Scale Manufacturing (LSM) declined by 2.93 percent during July-March 2018/2019 in contrast to growth of 6.33 percent during the same period last year. The target for this year was 8.1 percent, said Economic Survey 2018/2019 released on Monday.
“The present trend suggests that full year LSM growth will remain below the target by a wide margin,” according to the economic survey.
Year on Year (YoY), LSM growth witnessed sharp decline of 10.63 percent in March 2019 as compared to increase of 4.70 percent in March 2018.
There are a number of factors which have contributed to the negative growth in LSM.
These include lower Public Sector Development Program (PSDP) expenditures compared to last year, muted private sector construction activities and lower consumer spending on durable goods amongst others.
This was more noticeable in construction-allied industries. Demand for housing moderated as the price of building materials and cost of financing increased. Moreover, additional tax measures further restricted the real estate market.
Certain sector-specific issues also contributed to the decline in LSM. Automobile prices witnessed multiple upward revisions due to PKR depreciation which made the potential buyers refrain from making booking and purchases.
Certain restrictions on non-filers with respect to purchase of cars further dampened the automobile demand.
Pharmaceuticals also suffered due to a considerable lag in regulatory adjustments in prices.
This pricing issue was in addition to weakening of the local currency, which added to the distress of an import dependent sector.
The industry specific data shows that electronics recorded highest growth of 23.70 percent, wood products 15.21 percent, rubber products 3.47 percent, engineering products 9.54 percent, leather products 0.97 percent and fertilizers 4.50 percent.
The industries which recorded negative growth during the period are; Iron & Steel 11.00 percent, Pharmaceuticals 8.40 percent, Automobile 7.58 percent, Coke & Petroleum products 6.00 percent, Food Beverages & Tobacco 4.69 percent, Chemicals 3.94 percent, Paper & Board 3.86 percent, Non-metallic mineral product 4.96 percent and Textile 0.30 percent.
The Mining and Quarrying sector declined by 1.96 percent during Jul-Feb FY 2019 in contrast to the growth of 7.7 percent during the same period last year. Chromite, Magnesite, Rock salt, Barytes, Ocher and Crude oil posted a positive growth of 228.69 percent, 159.63 percent, 12.65 percent, 22.15 percent, 19.12 percent and 0.47 percent respectively.
However, some minerals witnessed negative growth during the period under review such as Coal 25.42 percent, Natural gas 1.98 percent, Sulphur 40.72 percent, Calcite 91.49 percent, Soap stone 13.12 percent, Marble 4.66 percent and Bauxite 30.82 percent.