LSM Grows 2%, Petroleum Output Falls 5.29% In Two Months

LSM grows 2%, Petroleum output falls 5.29% in two months

ISLAMABAD, Nov 3 (Pakistan Point News - APP - 03rd Nov, 2016 ) : The country's large scale manufacturing (LSM) witnessed growth of 1.97 percent despite 5.29 percent fall in output of petroleum products during the first two months of the current fiscal year. According to Pakistan Bureau of Statistics, the Quantum Index Numbers (QIM) of large scale manufacturing industries was recorded at 122.18 points during July-August (2016-17) against 119.82 points during July-August (2015-16), according to Pakistan Bureau of Statistics (PBS).

The petroleum production during the period under review decreased by 5.29 percent compared to last year. The products that contributed in negative growth of petroleum included kerosene oil, production of which declined by 50.31 percent during July-August (2016-17) compared to the production of July- August (2016-17), according to the latest data of Pakistan Bureau of Statistics (PBS). The other products that witnessed decrease in production included diesel oil, output of which went down by 67.

43 percent and lubricating oil, production of which decrease by 1.44 percent during the period under review. Similarly, the production of jute batching oil decreased by 16.57 percent, solvent naptha by 59.92 percent and petroleum and jute batching oil by 7.14 percent. The products that witnessed positive growth in production during the period under review included jute fuel oil, output of which went up by 8.57 percent. Similarly the production of motor spirits, furnace oil and LPG increased by 2.6 percent, 1.07 percent and 13.80 percent respectively. On year-on-year basis, the production of petroleum products witnessed negative growth of 11.94 percent during August 2016 compared to the same month of last year.