ISLAMABAD: The rebasing of National Accounts has resulted in an increasing share of the agriculture sector in the GDP growth by 1 percent, jacking it up from 23 percent to 24 percent while the contribution of the industrial sector shrank from 20.9 percent to 19.5 percent. The contribution of the services sector in GDP growth increased from 56 percent to 56.6 percent through rebasing of national accounts done on the base year of 2015-16.
The rebasing exercise possessed an additional impact of Rs30,508 billion, including with the contribution of the agriculture sector to the tune of Rs7,306 billion, industrial sector Rs5,939 billion, and services sector by Rs17,261 billion with a change of the base year from 2005-6 to 2015-16.
The share of crops in the agriculture sector growth declined from 9.9 percent from the base year 2005-6 to 8.2 percent in accordance with the base year of 2015-16. Out of the crop sector, the share of major crops slashed down from 5.8 percent to 4.8 percent, other crops from 3.3 percent to 3 percent, and cotton ginning from 0.8 percent to 0.4 percent in 2015-16.
The share of livestock in the agriculture sector contribution in GDP growth increased from 12.1 percent in 2005-6 to 14.9 percent on the basis of base year 2015-16. The contribution of forestry and fishing remained almost the same with change of the base year.
The important crops such as wheat, sugarcane, cotton and rice declined from Rs1,718 billion to Rs1,462 billion. The other crops increased from Rs740 billion to Rs912 billion. The cotton declined from Rs163 to Rs122 billion.
The livestock contribution increased from Rs3,847 billion to Rs4,532 billion. The Pakistan Bureau of Statistics (PBS) did not conduct a fresh census, so the last survey was used to incorporate updated figures. The forestry decreased from Rs171 to Rs162 billion while fishing increased from Rs112 to 116 billion.
The contribution of industrial sector in GDP growth declined from 20.9 percent to 19.5 percent on the basis of rebasing exercise as mining decreased from 3.3 percent to 2.3 percent, manufacturing sector from 13.8 percent to 12 percent, large-scale manufacturing from 11.7 percent to 9.3 percent but contribution of small-scale manufacturing increased from 1.2 to 1.6 percent and slaughtering went up from 0.9 to 1.1 percent.
The electricity, gas and water supply contribution in the GDP growth increased from 1.4 percent to 2.2 percent and construction sector from 2.4 to 2.9 percent.
The mining sector saw an increase from Rs653 to Rs691 billion, Large-Scale Manufacturing increased from Rs2,801 to Rs2,842 billion, small-scale increased from Rs407 bn to Rs495 billion, slaughtering increased from Rs305 to Rs332 billion, electricity, gas and water supply increased from Rs542 to Rs681 billion and the construction sector increased from Rs601 to Rs899 billion.
In the services sector, the contribution of Whole Sale and Retail increased from Rs4,613 to Rs5,380 billion, transportation and storage increased from Rs3,209 to Rs3,449 billion, accommodation and food services industry declined from Rs491 to Rs426 billion, information and communication increased from Rs457 to Rs611 billion, finance and insurance decreased from Rs544 to Rs530 billion, real estate activities increased from Rs1,506 to Rs1,735 billion, Public Administration increased from Rs1,421 to Rs1,458 billion, education increased from Rs599 to Rs955 billion, human health and social work increased from Rs374 to 420 billion, and other private services activities increased from Rs2,128 to 2,298 billion due to fresh estimation.
These include publishing activities, TV channels, computer related activities, real estate activities, accounting activities, scientific research and development through advertising and market research, other professional, scientific and technical activities, veterinary activities, administrative and support service activities, arts, entertainment and recreation and other service activities.