In a positive development on economic front, Pakistan large-scale manufacturing (LSM) sector witnessed an upward trajectory in the month of December, after the LSM output increased by almost 10 percent.
Pakistan Bureau of Statistics (PBS) released the data which indicates that the LSMI (Large Scale Manufacturing Industries) output increased by 9.66pc for December, 2019 compared to December, 2018 and recorded a double digit growth of 16.40pc when compared to November 2019.
As per the PBS data out of 15 major industries, eight recorded growth while the output in seven industries contracted during the July-December 2019 period. The overall output of LSMI decreased by 3.35pc for July-December, 2019-20 compared to July-December, 2018-19.
During July-December 2019, the manufacturing of leather products recorded double digit growth of 11.02pc, rubber products 1.3pc, paper and board grew by 7.9pc whereas wood products grew by a whooping 46.6pc.
The textile sector considered the backbone of Pakistan economy grew by 0.32pc, meanwhile, fertilizer sector registered growth of 4.89pc and non-metallic mineral products witnessed growth of 2.9pc in the July-December period.
Meanwhile, the industries that recorded decline during July-Dec 2019-20, include coke and petroleum products production, which output declined by showed 10.33pc. Automobile sector was the worst hit sector during the July-December 2019 period after witnessing a decline of 36.40pc.
The electronics sector show a negative growth of 14.08pc, iron and steel products declined by 12.31pc, whereas, chemicals and pharmaceuticals sector declined by 4.10pc and 6.36pc, respectively.