World Economy

Pak Manufacturing Shrinks Further

Pak Manufacturing Shrinks FurtherPak Manufacturing Shrinks Further

Large-scale manufacturing shrank for the second consecutive month posting a negative growth of 1.4% year-on-year in December 2017, Pakistan Bureau of Statistics data released on Saturday showed. The negative growth in the industry’s production is stoking fears that the country may miss the economic growth target projected for this fiscal year, APP reported. It was reported that the drop in industrial production in the past two months was mainly led by delay in cane crushing particularly in Sindh and Khyber Pakhtunkhwa. Sugar production dropped by 37.4% as compared to the same period of last year. Besides sugar, the fall in production is also the outcome of drop in the production of food and beverages, petroleum products, chemicals, engineering products, wood products, fertilizers and leather products during the month under review, the PBS data suggested. In July-December, LSM posted a growth of 5.6% year-on-year. For 2017-18, the LSM target was 6.3%. In 2016-17, LSM grew 5.6%. LSM constitutes 80% of manufacturing and 10.7% of overall GDP. 


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