Pakistan’s industries were already in bad situation, Coronavirus put them in complete destructive phase. In March, the country’s industrial production was lower by 23% than last year.
Pakistan Bureau of Statistics said production in March was lower than 22% compared to 23% in February this year. In the first nine months of the current financial year, from July to March, the output of large industries also recorded an overall decline of 5.4 per cent over the previous year.
According to the report, during March this year, the output of 72 of the 100 largest industries individually was lower than last year. With the electronics sector accounting for 58% year-on-year and the auto sector accounting for the same last year. A decrease of 49% was observed 47% in petroleum product production, 36% in engineering sector production, 26% in textile sector production, 21% in food and beverage manufacturing. Iron and steel production recorded a decline of 16%. Major industries account for about 80% of the country’s total industrial output.
It should be noted that Coronavirus has blown up the economy not only of Pakistan but also of the whole world. The first quarter of the year 2020 proved to be catastrophic for the global economy.
Extracted from City42 News
