According to Pakistan Bureau of Statistics (PBS), large scale manufacturing (LSM) output has reported an increase of 3.95 per cent during the month of October.
The LSM output has showcased an increase of 6.66 per cent for October 2020 when compared to October 2019 last year, and 3.95 per cent to that of September 2020.
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Federal Minister for Planning and Development – Asad Umar, took to social media to highlight significant economic progress and that LSM grew by 5.46 per cent between July-October 2020.
“Industrial growth accelerates as economic recovery gathers pace. Large scale manufacturing grew by 5.46% in July to October 2020 vs same period last year. Growth in October was even higher at 6.66% vs October last year,” he tweeted.
Meanwhile, Hammad Azhad – Federal Minister for Industries and Production underscored the fact that increase in LSM output comes ‘at a time when the global economy is in a deep recession’.
“Industry is driving economic growth and recovery in Pakistan,” he tweeted.
It is to be noted that Pakistan has reported an increase in credit offtake of around 12 per cent or Rs 22.9 trillion in October 2020 as compared to that of last year.
The LSM output is expected to further increase in near future due to low interest rate, value addition, stable exchange rate and cheap energy.
