Services sector is largest and fastest growing sector in the world economy, accounting largest share in total output and employment in most developed countries. The sector accounts for a significant and rising share in cross-border trade and foreign direct investment and gives more export opportunities for services suppliers and lower costs for imported services. It is expected that rising trend of services sector would continue, to gain more and more importance through advancement in the area of knowledge based and skill oriented activities. The rising consumer and business demand is steaming from service related activities in manufacturing firms and enhancing role of IT.
According to Economic Survey 2018-19 Pakistan services sector has shown an overall growth of 4.71 percent. The sectors that requires especial mention includes
- Finance and insurance sector (growth of 5.14 percent)
- Wholesale and Retail Trade (grew by 3.11 percent)
- Transport, Storage and Communication (growth of 3.34 percent)
- Scheduled banks (5.3 percent)
- non-scheduled banks (24.6 percent)
- Insurance activities (12.8 percent).
- Housing Services sector (4.0 percent)
- Computer related activities, education, health & social work, NGOs (7.05 percent).
The rising trend of growth shows huge scope of investment in Pakistan from inside and outside Pakistan including from Afghanistan.
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