Pakistan industrial production witnessed a decline of 0.4% from July-September 2022, the Pakistan Bureau of Statistics (PBS), Daily News Publisher reported.
According to the statistics issued by PBS, the country’s overall industrial production dropped by 0.4% from July-September in Pakistan. On yearly basis, the production witnessed a drop of 0.1%, PBS data shows.
This is alarming time for Pakistan to look into there economy policies. Pakistan textile industry facing huge crisis. The rapidly growth in inflation effect too many industries.
From July to September food industries’ production dropped by 6.2%, Tobacco by 31.2%, Textile by 3.3%, Pharmaceuticals by 29%, drinks by 3%, fertilizers by 2.2%, furniture by 126.6% and Iron and steel production dropped by 4.9%.
However, industrial production increased by 11.7 % in the fiscal year 2021-22, PBS shows.
According to the PBS data, the annual production of big industries witnessed a spike of 11.7 % in the fiscal year 2021-22. An increase of 11.5 % was noticed in June 2022, it added. The production increased by 0.2 % in comparison to May 2022.
Food producing and processing industries witnessed a growth of 8.4 %, while the tobacco sector gained by 15.9% in 2021-22. The PBS data said that Textile grew by 3.5 %, while the automobile sector saw a significant growth of 49.4 %.
Last fiscal year, the pharmaceuticals industry grew by 13.7%, chemicals by 9 %, Iron and steel by 16.3%, and the Beverage industry by 0.5%.
Earlier, Prime Minister Shehbaz Sharif announced a super-tax of 10 % on large-scale manufacturers and industries in the country in order to address the economic woes of the country.
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The prime minister while announcing the tough decisions in the wake of the economic situation said that industries related to steel, cement, sugar, oil and gas, fertilizers, energy and terminal, and textile will face a 10 % tax.