Sunday, July 17, 2011
As of 2008, the city's gross domestic product (GDP) by purchasing power parity (PPP) was estimated at $40 billion with a projected average growth rate of 5.6 percent. This is at par with Pakistan's other economic hub, Karachi, with Lahore (having half the population) fostering an economy that is 51% of the size of Karachi's ($78 billion in 2008). The contribution of Lahore to the national economy is supposed to be around 13.2%. Lahore's GDP is projected to be $102 billion by the year 2025, with a slightly higher growth rate of 5.6% per annum, as compared to Karachi's 5.5%. Central to Lahore's economy is the Lahore Stock Exchange (LSE), Pakistan's second largest stock exchange. Lahore has offices of several Pakistani government corporations including the Water and Power Development Authority (WAPDA) and Water and Sewage Authority(WASA). Food and restaurant businesses remain open all night. Lahore is the second largest financial hub of Pakistan and has industrial areas including Kot Lakhpat and the new Sundar Industrial Estate (near Raiwand). Lahore’s economic base is broad and varied. The city is the engineering hub of the country. Major industries include the manufacture of automobiles and motorcycles, home appliances, steel, telecommunications, information technology, chemicals, pharmaceuticals, computers, engineering, and construction material. A major industrial agglomeration with about 9,000 industrial units, Lahore has shifted in recent decades from manufacturing to service industries. Some 42% of its work force is employed in finance, banking, real estate, community, cultural, and social services. The city is the country’s largest software producing center, and hosts a growing computer-assembly industry.