Service sector expected to grow by 3.6 pc in FY 2023-24

Service sector expected to grow by 3.6 pc in FY 2023-24

ISLAMABAD, Jun 9 (APP):The services sector is expected to accelerate its growth to 3.6 percent in fiscal year 2023-24, according to the Annual Plan 2023-24 unveiled here on Friday.

The envisaged growth in the commodity producing sectors will complement the targeted growth in the services sector.

“Uptick in the economic activity in agriculture and manufacturing sectors will translate into increased growth in wholesale and retail, trade and transport, storage and communications”, it added.

Moreover, the tourism industry is expected to gain momentum and generate socio-economic dividends that will have trickle down the effect on retail trade, hotels and restaurants.

The commodity producing sectors during 2022-23 contracted by 0.5 percent, therefore, the performance of dependent services sector posted a marginal growth of 0.9 percent with major contributions from education (10.4 percent), human health and social work activities (8.5 percent), information and communication (6.9 percent) and other private services (5 percent).

Wholesale and retail trade with major share in services sector posted a contraction of 4.5 percent due to subdued economic activity and high inflation.

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