Pakistan's mass production grew by 11.7 percent year-on-year during the fiscal year 2021-22. According to a report by Dawn newspaper, ma...
Pakistan's mass production grew by 11.7 percent year-on-year during the fiscal year 2021-22.
According to a report by Dawn newspaper, major industries showed strong growth in the last financial year, particularly food, textiles, apparel, chemicals, pharmaceuticals, iron and steel products, automobiles and furniture.
According to the data of Pakistan Bureau of Statistics, in the overall growth of 11.7%, Garments accounted for 3.8%, liquids/syrup 1.9%, sugar 1.7%, jeeps and cars 1.3%, furniture 1.1%, woolen blankets 0.6%, chemical products 0.6%. , metal bricks/ceramics contributed 0.5 percent and cigarettes contributed 0.4 percent.
Also Read: Rebased Index of Production of Major Industries Released
However, on a monthly basis, mass production rose 0.2 percent during June.
Production for major industries was estimated using the new base year of 2015-16, but the old base was 2005-06 at 7.7% year-on-year in LSM in FY2022 and on a monthly basis in June. increased by 14.2 percent.
Since September 2020, the production of major industries has rebounded after several months of slowdown, the pace was initially slow till December 2021 but got back on track after January.
The expansion of major industries also appears to be broad-based and 19 of its 22 sectors saw positive growth during the last financial year.
Read more: Production of major industries down 13.3% during April
It is feared that higher interest rates and depreciation of the rupee have further increased the cost of raw materials and economic activity is expected to slow slightly during the current fiscal year.
Large industries dominate the overall manufacturing sector with a share of 9.2 percent of the Gross Domestic Product (GDP) during the fiscal year 2022, with a sectoral share of 74.3 percent, followed by small-scale manufacturing, which accounted for 74.3 percent of the total GDP. 2 percent and its sectoral share is 15.9 percent.
The largest share in the production of major industries was the textile sector, which grew by 3.5 percent during the last financial year, and woolen goods accounted for the largest share, with 46.3 percent in woolen and carpet yarns, 2.38 percent in blankets. .7 percent and 28.5 percent growth was observed in obi cloths.
The second largest sector was food with a growth of 8.4 percent, with the production of sugar, bakery, chocolate and confectionery, mix leaves and starch significantly increasing at 39.1 percent, 2.5 percent and 10.8 percent.
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On the other hand, the production of edible oil also increased by 10.9% while the production of vegetable ghee decreased by 4.3%.
Increases in the prices of palm oil and soybeans in the international market and depreciation of the rupee were the main factors behind the low level of production.
Besides, the production of wheat and rice declined by 4% during the period under review.
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