Economy

Pakistan’s industrial output declines 10 pc

Islamabad, July 21, 2020: Output of Pakistan’s Large Scale Manufacturing Industries (LSMI) decreased by 10.3 percent during the first eleven months of the last fiscal year (FY20).

Latest data released by Pakistan Bureau of Statistics (PBS) revealed that LSMI output witnessed a decrease of 25 during May’20 primarily on account of easing of the nation-wide lockdown.

Textile, with a weight of 21 percent, has seen a 31 percent decline YoY as effects of the pandemic on the global economy continued to linger on.

Food, Beverages & Tobacco (weight: 12.4 percent) category saw a nominal 0.4 percent YoY surge and Coke & Petroleum Products (weight: 5.5 percent) output contracted 18 percent YoY.

Iron & Steel Products (weight: 5.4 percent) declined 31 percent YoY and Automobiles (weight: 4.6 percent) faced a 79 percent YoY hammering owing to subdued spending and lackluster demand.

Electronics (weight: 2 percent) posted an 82 percent decline YoY with consumer goods such as refrigerators, air conditioners and electric fans witnessing sharp contractions.

Fertilizers with weight: 4.4 percent and Pharmaceuticals (weight: 3.6 percent) posted a surge of 3.8 percent and 5.2 percent YoY, respectively, as both sectors remain immune from the pandemic.

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