Pakistan's Large Scale Manufacturing Soars By Double Digits
|Courtesy: Dawn Newspaper|
The broad-based LSM growth was led by 50% jump in iron and steel production and 31% in auto manufacturing sector. Cement production grew nearly 20%, engineering products 19% and Pharmaceuticals 11% in the July-August 2017.
Although production was driven mostly by strong domestic demand, the exports in July-Sept 2018 also increased nearly 11% over the same period last year.
Among the notable sub-sectors driving strong LSM growth in July-August 2017 are: Tractors 115%, motorcycles 28.3%, deep freezers 16.2%, air-conditioners 26.8%, electric-fans 22.4%, electric motors 17.3% and electric meters 18.3%, and switchgear 20.8%.
Significant improvement in the country's security situation is helping restore confidence of investors, businesses and consumers who are pushing economic growth in Pakistan to new highs. The fast pace of execution of China-Pakistan Economic Corridor (CPEC) related projects is at least partly responsible for it.