LSM expands 2.29pc in May

The Large-Scale Manufacturing (LSM) sector posted a modest growth of 2.29 per cent in May compared to the same month last year, according to data released by the Pakistan Bureau of Statistics on Tuesday. This marks the third consecutive month of positive growth, attributed largely to a significant cut in the key interest rate to 11pc. The LSM sector showed positive growth from December 2023 to May 2024 but slipped back into negative territory in June 2024. On a year-on-year basis, LSM declined by 2.65pc in August, followed by a 1.92pc drop in September. It registered a marginal growth of 0.02pc in October before contracting again by 3.81pc in November, 3.73pc in December, 1.21pc in January and 3.51pc in February. A slight recovery was noted in March, with production increasing by 1.79pc.