Big industry posts negative growth of 5.49pc in Nov 2022.

ISLAMABAD -- Large: scale manufacturing (LSM) posted a negative growth of 5.49 percent in November last year over the same month last year mainly due to the slowdown in economic activities in the country.

This was the third consecutive month for big industry to have posted a negative growth rate, according to data released by the Pakistan Bureau of Statistics. The industrial sector is recording negative growth mainly due to slowdown in economic activities amid uncertainty on political front, suspension of gas supplies to industries and unavailability of raw materials. Ministry of finance had already projected that pressure on LSM is likely to be sustain in November if the negative shocks are continuing to prevail and outpace the LSM output which may gain some momentum as sugarcane crushing starts in November. It stated that firstly, the weighted average cyclical output gap in Pakistan's main trading partners' remains in negative territory and continues to widen gradually, which implies reduction of global demand. Secondly, the impact of floods: induced destruction of agricultural output may start finding its way into the industrial sectors.

Thirdly, Pakistan's official reserves are at relatively low levels, necessitating restrictive monetary policy and other measures to limit...