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Industries contribute 20.8 percent to GDP

ISLAMABAD: The industrial sector contributes to around 20.8 percent to the GDP, and is also a major source of tax revenue for the government apart from contributing significantly in creating job opportunities. The Economic Survey 2013-14 shows that the growth of 5.55 percent has been registered in the manufacturing during nine months of current fiscal compared to the growth of 4.53 percent in same period last year. Manufacturing is the most important sub-sector of industrial sector containing 64.92 percent share in the overall industrial sector.  “The government has planned and implemented comprehensive policy measures on fast track to revive the economy, as a result industrial sector started revival and recorded remarkable growth at 5.8 percent as compared to 1.4 percent in last year,” Senator Ishaq Dar, finance minister said. Manufacturing has three sub-components led by Large-Scale Manufacturing (LSM) with share of 52.45 percent, Small Scale Manufacturing with the share of 7.97 percent and slaughtering with the share of 4.49 percent. LSM registered an improved growth of 5.31 percent as compared to the growth of 4.08 percent last year, the economic survey said. During the first nine-month period of 2013-14, LSM posted a growth of 4.3 percent as compared to growth of 3.5 percent during the same period last year. The economic survey has added that during July-March 2013-14 positive growth of LSM was witnessed in fertilisers sector at 21.64 percent, leather products 12.96 percent, Rubber Products 9.48 percent, Paper & Board 8.03 percent, Food Beverages & Tobacco 7.78 percent, Coke & Petroleum Products 7.48 percent, Chemicals 6.71 percent, Iron and Steel Products 3.38 percent, Electronics 2.91 percent, Textile 1.44 percent and Non metallic mineral Products 0.15 percent. However, some sectors that recorded negative growth are engineering products 21.40, Wood products 8.91 percent, Pharmaceuticals 0.49 percent and Automobiles 0.01 percent. While the share of construction in industrial sector is 11.48 percent – one of the potential components of industries, and construction sector has registered a growth of 11.31 percent against the negative growth of 1.68 percent last year. “This is also highest growth level achieved since 2008-09,” the economic survey has said. Electricity generation & distribution and gas distribution is the most essential component of industrial sector. This sub-sector has registered growth at 3.72 percent compared to negative growth of 16.33 percent in last year. The small-scale manufacturing witnessed growth at 8.35 percent against the growth of 8.28 percent last year and slaughtering growth is recorded at 3.51 percent as compared to 3.60 percent last year. Mining and quarrying sub-sector contains 14.45 percent share of the industrial sector. This sub-sector witnessed a growth of 4.43 percent as compared to 3.84 percent growth of last year.

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