Pakistanis bought more than 90,000 cars in five months
The numbers aren’t too rosy. Big industry in Pakistan is in slowdown mode. It rose only 3.3% in the first five months, from July to November, of the current financial year. The only positive point is that production in the automobile sector performed well.
The automotive sector recorded “outstanding” growth of 35% and produced 90,937 jeeps and cars. Last year it produced half, at 53,779.
These are the figures that were published by the Pakistan Bureau of Statistics (PBS). Last year, the major industries did much better, registering a growth of 6.85%.
The Bureau’s index, which records the amount produced across different sectors of the economy, remained below pre-Covid levels. Large industry growth was 147.2% in November 2021, compared to 160% before the pandemic.
The share of the industrial sector fell from 21% to 19.5%. Of 15 major industries, 11 recorded output growth while production in the other four sectors contracted.
The textile sector posted growth of less than 1% in the first five months of FY22. Here are the sectors that grew:
- Food and beverages 1.5%
- Coke and petroleum products 4.7%
- Pharmaceuticals 1.5%
- Chemicals 7.5%
- Iron and steel 25%
- Leather 8.2%
- Paper and cardboard 8.5%
- Engineered Products 1.5%
- 200% wood products
Fertilizer sector output fell 6.6% as the government struggled to supply gas to urea producers to enable them to operate at full capacity.
Production of non-metallic mineral products fell by around 1%, electronics by 11% and rubber products by 31% during the review period.
Production of motorcycle and bus units fell 4% and 39%, respectively.