Share of services sector reached 59.59% of GDP

ISLAMABAD, Apr 26 (APP):The share of the services sector reached 59.59% of GDP in Fiscal Year 2017 and witnessed a growth of 5.98 percent as compared to 5.55% previous year.
According to Economic Survey 2017-18 released here on Thursday, the Performance of services sector remained broad based, as all components of services contributed significantly in positive term, as Wholesale and Retail Trade grew by 6.82 percent, Transport, Storage and Communication by 3.94 percent, Finance and Insurance by 10.77 percent, Housing Services by 3.99 percent, General Government Services by 6.91 percent and Other Private Services by 6.28 percent.
Services sector has also surpassed the planned target and has emerged as the most significant driver of economic growth and is contributing a major role in augmenting and sustaining economic growth in the country.
In Pakistan services sector also has a great potential to grow and the government is making best efforts to provide enabling environment to economic agents to tap its potential.
The performance of services sector has been better as compared to commodity producing sector for quite some time. This trend is continued in FY 2017 and services sector grew at 5.98 percent against the commodity producing sector growth of 4.26 percent.