Islamabad June 12 2021: Large Scale Manufacturing recorded growth of 68.1 percent during the month April as per data published by Pakistan Bureau of Statistics. While dropped by 6.99 percent if compared with the previous month. A part from Rubber Products every sector contributed positively towards the manufacturing growth.
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Growth Rate Set At 4.8 Percent For Fiscal Year 2021-22
Latest number for July-April growth of Large Scale Manufacturing is 12.9%. Much more than the 9% number used to project 3.94% GDP growth. If LSM continues this high trend in May and June then GDP growth number for current year will easily surpass current projections of 3.94%.
Says Minister for Energy Hammad Azhar
Despite the concerns raised by COVID-19, manufacturing sector remained sound and resilient during the fiscal year 2021 due to timely government and State Bank of Pakistan initiatives. Government’s thoughtful decision to resume the business activities and adoption of smart lockdown boosted the business sentiments and economy gained traction after witnessing a significant decline in fiscal year 2020. Targeted fiscal and monetary incentives accompanied by related support packages helped speed up the economic recovery. Situation has further ameliorated by depreciation of US dollar against Rupee and launch of COVID-19 vaccine.
During July-April 2021, manufacturing sector bounced back and LSM posted 12.8 percent growth while there was 9.0 percent contraction in the same period last year. The LSM expansion is broad based, reflecting production increase in major manufacturing sectors. This is the highest period wise growth since fiscal year 2007 supported by promising performance of Textile, Food Beverages & Tobacco and Automobile. Prime Minister construction package has also supported well all other allied industries such as increased cement dispatches and iron and steel production.
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