The overall output of large-scale manufacturing industries (LSMI) has increased by 7.85 per cent in the first seven months of fiscal year 2021 (July 2020 to January 2021) compared to the same period last year.
According to data released by the Pakistan Bureau of Statistics (PBS) on Tuesday, the LSMI output increased by 9.13pc for Jan 2021 compared to Jan 2020, and 5.36pc over Dec 2020.
“The sustained and robust growth in the industry is expected to lift economic growth beyond earlier forecasts,” Minister for Industries Hammad Azhar said on Twitter.
The LSM index touched its second highest level of 175.15 earlier in January. Previously, it touched a high of 175.17 in March 2018, Topline Securities research highlighted.
Production in the first seven months of FY 2021, as compared to the same period last year, has increased in several sectors including textile, food, beverages, tobacco, petroleum products, pharmaceuticals, chemicals, non-metallic mineral products, automobiles and fertilisers.
It has decreased in some sectors such as electronics, leather products and engineering products.
LSM is a key indicator in industrial growth of the country, which makes up to one quarter of the total growth and thus help improve the overall growth of the state.