Services sector seen in red as exports tumbled WHT issue reduced bank deposits

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(17 October 2015)

Pakistan Businessmen and Intellectuals Forum (PBIF) on Saturday expressed concern on troubles of services sector which has resulted in its reduced share in national exports.

The sector representing around 59 percent share in GDP and contributing almost 5.75 billion dollars in exports need immediate attention of the authorities lest weakening export sector push government to op for financial assistance, said PBIF President and former provincial minister Mian Zahid Hussain.

In a statement issued here today, he said that service exports stood at 276.10 million dollars in August which is 60.04 percent less from the same month last year. The figures of July and August shows reduction in exports by 10.40 percent as compare to the last year.

Mian Zahid Hussain said that last year exports stood at 10.05 billion dollar which are now reduced to 940.43 million which is a threat to job situation and revenue.

He said external sector is on the decline hurting government efforts which push forex reserves above $20 billion which have now come down to $ 19.993 billion.

The resistance of traders to WHT has resulted in one percent reduction in deposits of banks to Rs 9.1 trillion rupees on quarter-on-quarter basis, he said, adding that some top government officials are provoking traders and industrialists against the government which should be noticed.

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