Lahore - Economy

Economy

As of 2008, the city's gross domestic product (GDP) by purchasing power parity (PPP) was estimate was 40 billion$ with a projected average growth rate of 5.6 percent.As a whole Punjab has 115 billion$ economy making it first and till the date only Pakistani Subdivision of economy more than 100 billion$ at the rank 144 This is at par with Pakistan's economic hub, Karachi, with Lahore (having half the population) fostering an economy that is 51% of the size of Karachi's ( 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 billion by the year 2025, with a slightly higher growth rate of 5.6% per annum. 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 Pakistan. Major industries include the manufacture of automobiles and motorcycles, Heavy machinery, railway coaches, 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 Pakistan's largest software producing center, and hosts a growing computer-assembly industry. Lahore's economic strength relies on the fact that it is the biggest city of Pakistan's most populous province. It is also the most advanced in terms of infrastructure, having extensive and relatively well developed road links to all major cities in Punjab and Khyber Pakhtunkhwa, a rail link with India and the province's biggest International airport. It also has the most developed communications infrastructure in the Pakistan, which includes a wide network of fiber optic telephone and cable lines, GSM mobile network, IPP and WiMax. It has the most developed education and health sectors as well, making it the economic, political and educational hub of the Pakistan. As Lahore expands, former residential areas are being turned into commercial centres, and the suburban population is constantly moving outwards. This has resulted in the development of the Liberty Market, MM Alam Road, the new Jail Road (which has some of the largest office buildings in Lahore), and the Main Boulevard.

Lahore is famous as the hub of handmade carpet manufacturing in Pakistan. At present, hand-knitted carpets produced in and around Lahore are among Pakistan's leading export products, and their manufacturing is the second-largest cottage and small industry.

Craftsmen in Lahore produce almost every type of handmade carpet using popular motifs such as medallions, paisleys, traceries, and geometric designs. The Lahore Design Centre at the Punjab Small Industries Corporation maintains a separate section of carpet designing to experiment with new designs. Lahore is famous for single-wefted designs in Turkoman and Caucasian style and double-wefted Mughal types.

Lahore has head offices of many multi national and important national corporations. National corporations like WAPDA, Railway, Pakistan cricket board, Pakistan hockey federation, Pakistan football federation, Packages Ltd, NesPak, Qurshi, SUFI and multinationals like Nestle Pakistan Ltd, ABB, McDonald's, Metro, Makro and Hyperstar (Carrefour)all have situated their headquarters in Lahore.