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Service Sector of Pakistan

Posted by Observer on February 20, 2012 Go to comments Leave a comment (0)

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The service sector of Pakistan has been continuously growing, even in the period of economic meltdown, when many important and revenue earning sectors of the economy failed to deliver, the service sector remained a major contributor to the Gross Domestic Production of Pakistan. The major divisions of the service sector in Pakistan include: Public Administration and Defence, Ownership of Dwellings, Wholesale & Retail Trade, Finance and Insurance, Transport Storage & Communication and Community, Social & Personal Services. From the year 1990-00 to 2010-11, the service sector of Pakistan has grown by 71.59 per cent. Over the last few years, the growth rate has picked up pace, as the year 2010-11 experienced a 4.1 per cent growth as compared to the 2.9 per cent growth in the year before. Over the years, the contribution of the service sector towards the GDP has been like this.

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The service sector has shown immense potential for growth, not just in Pakistan, but throughout the world. Hence, in order to derive maximum benefit off this potential, the Ministry of Commerce set up a National Steering Committee to formulate a long term growth strategy for the service sector. Various other steps have been taken by the government to convert the true potential of the sector into actual export revenue. However, among the numerous divisions of the service sector, the major contributor towards its growth remained the Wholesale & Retail Trade. This sector alone increased by 60.9 per cent over the period of past eleven years. In the year 2010-11, it made up of 32.3 per cent of the total earning of the Services sector. The second in line remained the Transport Storage & Communication sector which constituted of a 18.74 per cent in the year 2010-11, and has grown at a rate of approximately 45 per cent over the past 11 years. The contributions of other sectors made up of the remaining 48.99 per cent in the period of 2010-11, while the Public Administration & Defence and Community, Social & Personal Services remained the highest contributors with Rs. 385,506 and Rs. 715,273 respectively. The services sector has provided a great alternative to Pakistan in terms of earning valuable foreign exchange in times when the major export earning sectors failed to deliver. Pakistans export of services stood at a mark of $5,455 million in the year 2010-11. During this period, the services in trade, computer and information services, personnel, cultural and recreational services showed a surplus. If appropriate policies are developed by the concerned departments, then the service sector can largely reduce the burden which is currently imposed of the textile sector of Pakistan. However, the computer and Information Technology sector of Pakistan, as well as the many other divisions of the services sector has been growing at a staggering rate, yet the true potential of remains untapped. The Services Export Development Fund

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benefit from the true potential of the services sector of Pakistan.

Service Sector of Pakistan | Pakonomy

November 2011

would need to be further increased, as well as a proper road map would need to be devised to actually

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