Pakistan's major industrial output recorded a third consecutive month of decline, down 5.49 percent in November 2022 from a year earlier.
Dawn newspaper's report stated that Pakistan institution According to data released by Statistics India, production in major industries declined for the third consecutive month this financial year, raising concerns about job losses, particularly in the textile sector.
The report stated that the decline in industrial production indicates that the economic growth rate may decrease further in the next quarter, due to the suspension of gas supply to industries in the winter.
The report stated that a negative growth of 7.7 percent in October 2022 and 2.27 percent in September 2022 was recorded, while a large increase was recorded in July. After a decline of 1.67% in industrial production, there was a slight increase of 0.30% in August 2022. There was a decline of 3.58 percent on a year-on-year basis in 2022, but production increased by 3.55 percent compared to October 2022. With more export-oriented industries already signaling a slowdown in output due to rising energy and other raw material costs, output fell in 15 sectors and only marginally increased in seven.
The slowdown started in June when manufacturing grew by just 0.20 percent from the previous month, the report said.
Production of major industries grew by 11.7 percent on an annualized basis last year, production estimates for major industries using the new base year of 2015-16
During the financial year 2021-22, major industries had a share of 9.2 percent in the Gross Domestic Product (GDP) while its share in the total industrial sector is 74.3 percent, besides Small scale industries contributed 15.9 percent or 2 percent to GDP
In November 2022, the textile sector saw a decline of 22.04% over the previous year, with a negative growth of 27.98% for yarn, 13.80% for cloth and 59.11% for blankets.
According to the report, on the contrary, the production of garments increased by 49.70% in the month of November due to high demand.
According to the report, the production of wheat and rice in the food group decreased by 12.65% and the production of banaspati ghee by 5.39%, however, the production of edible oil decreased by 11.72% and the production of tea (blended) by 0.07%.
According to the report, a positive growth of 5.26 percent was observed in petroleum products during November 2022, which was due to the increase in the production of petrol and diesel, while a decrease was recorded in other products.
Similarly, the production of the auto sector also fell by 18.97% during November, the production of almost all types of vehicles except diesel and bus engines declined.
According to the report, compared to the previous year, steel production in November m There was a decrease of 8.7%, non-metallic mineral products decreased by 13.07% and chemical products decreased by 7.06%, pharmaceutical products decreased by 8.34% and rubber products decreased by 9.30%