KARACHI – Pakistan industrial growth after four years reached 5.60 percent on lower interest rate, better economic law and order situation and reduction in load shedding across the country.
Pakistan Bureau of Statistics posted data on website showing industrial growth commonly known as LSM or Large Scale Manufacturing group, recording an increase of 5.60 percent compared with last year increase of 3.13 percent. Though the level was at four high level but it missed the target of 6 percent set for the preceding year.
Higher growth witnessed during the year was high trajectory levels recorded in Iron and steel, electronics, food and beverages and automobile sectors. The sectors grew by 20 percent, 17 percent, 11.5 percent and 11 percent respectively.
Credit off take during the preceding year also recorded tremendous growth of 67 percent to Rs 748 billion, according to the data posted on the State Bank of Pakistan. The growth was evident because of low interest rate which was around 42 year low at 5.75 percent. Other factor which lead to high growth was the consumer confidence which showed an increase of better law and order situation.