Big industry production shrinks in July-October

Despite a downward interest rate trajectory, the Large-Scale Manufacturing (LSM) sector contracted 0.64 per cent in the first four months of the current fiscal year, data released by the Pakistan Bureau of Statistics showed on Monday. The LSM grew slightly at 0.02pc in October on a year-on-year basis. However, it dipped 2.24pc on a month-on-month basis. Since August, the LSM declined for three consecutive months. Domestic and global factors contributed to the downturn. The LSM grew positively from December 2023 to May before entering negative territory in June. On a YoY basis, LSM dipped 2.65pc in August, followed by a decline of 1.92pc in September. However, the LSM rebounded with a paltry growth of 0.02pc in October. The big industry output grew 2.38pc in July.