Large-scale manufacturing contracts shrink for seventh month in row.
ISLAMABAD -- The country's large-scale manufacturing (LSM) shrank for seventh month in row raising fears of massive layoffs across the industrial sector.
The LSM Index contracted by 7.97 per cent year-on-year in October, the Pakistan Bureau of Statistics (PBS) reported on Wednesday. The data further showed that between July to October, big industry output declined by 6.48pc on a year-on-year basis.
The latest monthly decrease was mainly led by 41.77pc plunge in automobile sector, 39.28pc in electronic products, followed by 11.73pc in petroleum products and 8.25pc in food products.
In 2018-19, the large manufacturing sectors recorded a decline of 3.64pc against the target growth of 8.1pc. The government has set LSM target of 3.1pc for the ongoing fiscal year.
Sector wise, production of 11 items under the Oil Companies Advisory Committee declined by 0.77pc whereas 36 items under the Ministry of Industries and Production shrank by 4.89pc whereas 65 items reported by the Provincial Bureaus of Statistics dipped 2.30pc.
The lacklustre performance in the industrial sector reflects overall economic slowdown across various sectors in the ongoing fiscal year. The State Bank of Pakistan estimates the economy to grow by 3.5pc in the current fiscal year.
LSM constitutes 80pc of the country's total manufacturing and accounts for nearly 10.7pc of the overall national output. In comparison, small-scale manufacturing accounts for just 1.8pc of GDP and 13.7pc in manufacturing.
The auto sector, which has seen massive decline in sales over the last few quarters, witnessed multiple upward price revisions due to currency depreciation, which kept potential buyers at bay. On a yearly basis, the sector registered sales decline in almost all variants during the fourth month of the ongoing fiscal year.
The production of tractors dipped by 39.06pc, trucks 48.64pc, buses 18.03pc, jeeps and cars 56.21p, LCVs 47.27pc and motor cycles 13.97pc.
The pharmaceutical sector also suffered due to a considerable lag in regulatory adjustments in prices, which in addition to the...
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