Large scale manufacturing decline 5.05% in June 2019

KARACHI: Latest data shared by the Pakistan Bureau of Statistics (PBS) shows that Large Scale Manufacturing (LSM) declined by 5.05% YoY overall during Jun-2019, whereas it fell by 8.50% MoM when compared to May-2019.

Cumulatively, LSM has dropped by 3.64% YoY during FY19, significantly below the -2.06% provisional estimate shared earlier. Compared to the same month last year, a larger portion of the total weight of LSM underwent a decline during Jun-2019.

The leading underperformers during the month were Electronics (down 28.6% YoY), Coke & Petroleum Products (down 21.7% YoY), Automobiles (down 19.3% YoY), Iron & Steel Products (down 15.8% YoY) and Pharmaceuticals (down 15.5% YoY). On the other hand, Fertilizers (+15.3% YoY), Engineering Products (+17.4% YoY) and Non-metallic Mineral products (+10.9% YoY) recorded growth during the month.

Given the current consolidation measures, it is generally expected that LSM activity might portray a subdued performance in the short term.

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