The Pakistan Bureau of Statistics released the number for services exports during the first nine months of the current fiscal year. The positive numbers will help Government control the widening current account deficit in 2016-17.
The numbers reveal a positive growth, services exports reached around 4.3 billion in July-March, an increase of 5.82%. The annual decline in 2015-16 was 7.14%, reaching $5.46 billion.
In the recent years, services sector has emerged to be one of the major sectors of economic growth in Pakistan. The share of services sector with respect to GDP reached up to 57.7 % during 2014-15.
Pakistan has also welcomed foreign services providers in sectors like banking, insurance, telecommunications and retail. The major sub sectors of Pakistan’s services industry are wholesale and retail, finance, insurance, public administration and defence.
Trade deficit in services also decreased by 2.47% to reach an amount of $1,977bn during July-March on a year-to-year comparison.