LSM grew by 8.2% in February 2022

BusinessLSM grew by 8.2% in February 2022

ISLAMABAD, Pakistan: The Country’s Large-Scale Manufacturing (LSM) growth grew by 8.2 percent in February 2022 while it posted the growth of 7.6 percent during July-January 2021-22, the Federal Minister for Industries and Production Makhdum Khusro Bakhtyar said.

In a statement issued on Saturday, the minister also said that all major industries including automobile and fertilizer industry had showed remarkable growth in this duration.

The minister noted that growth of LSM is imperative to enhance manufacturing base and job creation in the Country.

Khusro Bakhtyar further said that recently Prime Minister of Pakistan Imran Khan announced Industrial Promotion Package which would not only revitalize industrialization in the country but also enhance our manufacturing sector.

According to Pakistan Bureau of Statistics (PBS) data reported on Friday, the industry output increased by 8.2 percent during the month of January 2022 compared to the growth of January 2021 on year on year basis.

The major sectors that showed positive growth during July-January (2021-22) included textile (2.9%), food (3.4%), beverages (2.5%), tobacco (21.9%), wearing apparel (18.3%), leather products (4.5%), wood products (172.2%), paper and board (8.2%), coke and petroleum products (0.5%), chemicals (5.4), Chemical products (15.5%), automobiles (63.5%), iron and steel products (17.52%), furniture (553.%),automobiles (63.5%) and other manufacturing (22.2%).

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