The Industrial sector of the country is expected to grow at 7.7 per cent during the ongoing fiscal year (2016-17) compared to the growth of over 6.4 per cent during the fiscal year 2015-16.
“In view of its higher growth rate during the current fiscal year (against last year’s growth rate), the industrial sector is expected to grow by 7.7 per cent during 2016-17 on the back of better energy supply and planned investment under the China-Pakistan Economic Corridor (CPEC),” official sources said.
The mining and quarrying sector is projected to grow by 7.4 per cent while the manufacturing sector is expected to grow by 6.1 per cent during 2016-17, the LSM is set to grow by 5.9 per cent, small and household manufacturing 8.2 per cent, construction by 13.2 per cent and electricity, generation and gas distribution by 12.5 per cent.
Several energy-related fast-track projects under the CPEC are expected to be completed in the next fiscal year, sources added. The LSM growth will also go up with the ongoing construction activities, infrastructure projects and improved energy supply with the import of the LNG and LPG and completion of early harvest energy projects under the CPEC.
Moreover, the aggregate demand is expected to be maintained, provided that the remittances keep flowing while the exploitation and exploration of huge mineral deposits of iron, coal, copper and gold further boost the industrial sector.