Pakistan: In July 2024, Pakistan’s large-scale manufacturing sector grew by 2.38% compared to last year, according to the Pakistan Bureau of Statistics. However, the sector dropped by 2.08% from June.
For the fiscal year 2024, manufacturing increased by 0.92%, showing some recovery thanks to improved confidence in various industries. Despite this, the growth was not enough to meet economic recovery goals.
The July increase came from sectors like Food (0.63%), Tobacco (0.81%), Textiles (1.48%), Garments (1.37%), and Automobiles (1.01%). However, some areas faced declines: Pharmaceuticals (-0.23%), Cement (-0.38%), Iron and Steel Products (-0.70%), Electrical Equipment (-0.69%), and Furniture (-1.36%).
Production was higher in Food, Beverages, and Textiles, but lower in Pharmaceuticals, Rubber Products, and Electrical Equipment. The industrial sector makes up about 18% of Pakistan’s GDP. Challenges like falling global demand and currency issues have affected economic stability.
