Pakistan Economy – On YoY basis, LSMI showed improvement but fall on MoM basis

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Latest data released by PBS suggests that Large Scale Manufacturing Industries (LSMI) output has witnessed a decrease of 1.3% MoM during May’22. On YoY basis, LSMI showed improvement, increasing 21.4% during May’22. LSMI Index stood at 130.7 during May’22 compared to 107.6 SPLY. With the May’22 numbers, growth in LSMI during 11MFY22 clocked-in at 11.7% YoY. High-frequency indicators to the likes of sales of textile, food, tobacco, automobile, chemicals, apparel, and iron and steel continued to signal a robust growth on a YoY basis during 11M of FY22.

Sector-wise increase during May’22 was led primarily by:

Furniture (323.1% YoY), Wearing Apparel (158.5% YoY), Other Manufacturing (95.3% YoY), Automobiles (50.5% YoY), Pharmaceuticals (45.9% YoY), Iron & Steel Products (19.2% YoY), Computer and electronics (17.6% YoY), Electrical Equipment (16.1% YoY), Paper & Board (15.5% YoY), Chemicals (13.1% YoY), Fabricated Metal (12.7% YoY), Non Metallic Mineral Products (10.4% YoY), Textile (8.2% YoY), Coke & Petroleum Products (8.1% YoY), Wood Products (5.6% YoY), Rubber Products (4.4% YoY) and Machinery and Equipment (4.0% YoY).

Sector-wise decrease during Mar’22 was led primarily by:

Beverages (-13.7% YoY), Leather Products (-6.7% YoY), Other transport Equipment (-6.6% YoY), Food (-4.1% YoY) and Tobacco (-3.0% YoY).

Courtesy- AHL Research

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