Cement production in Pakistan dips during 5MFY19

Pakistan Bureau of Statistics (PBS) has reportged numbers of quantum index of the Large Scale Manufacturing (LSM) which posted a cumulative decline of 0.90 per cent YoY during 5MFY19, against the growth of 7.66 per cent YoY in 5MFY18. The cement production has also been affected during this period.
 
Pakistan's cement industry recorded a contraction of 0.62 per cent during first five months of FY18-19, between July and November, 2018, as production fell from 16.669Mt of cement to 16.565Mt, apparently due to lack of local demand and other issues, reports PBS. During this period the government has slashed the development fund and construction of big housing schemes remain stagnant, due to court related matters.
 
However, in November, 2018 alone, cement production decreased by 10.03 per cent to 3.264Mt from 3.628Mt in November. 2017.
 
According to research house report, the heavyweight contributors – automobile, cement, steel and petroleum products – expected to take a hit in terms of economic slowdown. As increasing inflation and interest rates are hurting consumption of different products including cement.