Karachi, April 21, 2020: Large scale manufacturing (LSM) contracted by 1.15 percent YoY during the month of Feb-2020, compared to a decline of 5.96 percent YoY in Jan-2020. On MoM basis, LSM contracted by 0.91 percent. After this month, LSM decline in 8MFY20 amounted to -3.03 percent YoY.
The decline in LSM was relatively muted during the month, which was due to improvement in LSM heavyweights such as Textiles, Iron & Steel Products, and Non-metallic Mineral Products.
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Going forward, although LSM was initially expected to pick up in the coming months, the Covid-19 scenario changes all that as closure of industrial activity is expected to exert severe pressure on LSM at least in the short term.
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