![]() ![]() ![]() However, the output of garments, football, and beverages increased. In FY22, the sector grew by 11.7 percent over FY21, aided by rising global demand and favourable government policies, which boosted GDP growth, with big industries contributing a significant portion to the economy.Īccording to the PBS data, out of almost all major and small sectors contracted in March, including textile, food, coke and petroleum products, chemicals, automobile, pharmaceuticals, cement, fertilisers, iron and steel, furniture, leather products, electrical equipment, and non-metallic mineral products. ![]() Industrial output witnessed a decline of 8.11 percent in July-March FY23 compared to the same period last fiscal, whereas LSM output declined 9.09 percent over February 2023. ![]() The sector’s struggle underscores the challenges facing Pakistan’s manufacturing industry and highlights the urgent need for measures to revitalise the economic stability. Economists attribute the downturn to a combination of economic instability and political unrest gripping the country. In February 2023, the LSM output was negative 11.59 percent which sharply tumbled to 25 percent in March, a significant concern for the economy. Since then, it is sequentially on a nosedive, according to the Pakistan Bureau of Statistics (PBS). Since May 2023, the decline started in manufacturing outputs, which went underwater in July (the first month of this fiscal) by contracting 1.86 percent. ![]()
0 Comments
Leave a Reply. |