Services’ share in GDP rises to 54.4pc
KARACHI, July 28: Services sector contribution to Gross Domestic Product (GDP) at current price increased by one per cent to 54.4 per cent in 2011-12, while in terms of value it contributed an additional Rs1.44 trillion to the economy, bringing the total contribution to Rs10.571 trillion, according to the State Bank of Pakistan data.
The contribution of services sector was dominated by wholesale and retail, followed by transport, storage and communication, with a contribution of Rs3.574 trillion and Rs2.476 trillion respectively.
Agriculture and industry contributed only Rs8.864 trillion to the economy.
Last year, the services sector’s contribution was 53.4 per cent of GDP and in terms of value, services sector contributed an additional Rs1.440 trillion to the GDP.
According to the data, agriculture produces had a value of Rs3.899 trillion, which was higher than Rs3.697 trillion last year. The biggest contributor to agriculture sector was livestock, which contributed a value of Rs2.204 trillion. The contribution of livestock substantially increased by Rs383 billion compared with Rs1.821 trillion last year.
However, the crops contribution to the agriculture sector fell in FY-12, which analysts attributed towards the negative impact of floods for the past two consecutive years. Crops contribution shrank to Rs1.573 trillion from Rs1.767 trillion last year.The industry also increased its contribution in terms of value and that was mostly dominated by the manufacturing sector. The industry’s total contribution to the GDP was Rs4.965 trillion which was higher than the previous year’s contribution of Rs4.264 trillion.
The contribution of manufacturing sector to the GDP was of Rs3.694 trillion, compared with Rs3.181 trillion in the previous year.
Followed by the manufacturing sector, the mining and quarrying sector also improved its contribution by Rs55 billion to Rs446 billion. Similarly construction and electricity and gas distribution improved their contribution by Rs410 trillion and Rs413 trillion respectively.
Within the services sector, the contribution of community, social and personal sector was significant as its contribution rose to Rs2.133 trillion from Rs1.805 trillion in the previous year.
Finance and insurance also showed improvement as it contributed Rs807 billion, compared with Rs685 billion last year.