Large scale manufacturing sector is on a positive trajectory while the construction industries witnessed a growth of 9.05 percent during the outgoing year: Economic Survey

Pakistan surpasses 5.28 percent GDP growth rate

Ishaq Dar said that for the very first time in a decade, Pakistan had surpassed the 5.28 percent GDP growth rate. The GDP growth rate for next fiscal year has been set at 6%.

3.4 percent increase recorded in electricity, gas supply in the existing fiscal year: Dar

Economic growth rate remained 3 percent.

Rate of inflation

Inflation rate remained 4.09% while the volume of Pakistan’s economy surpassed $300 billion, he said.

Fiscal deficit

The fiscal deficit as a percentage of the GDP has reduced to 4.2% from last year’s 4.6% which is a positive sign. The chart below shows the comparison in the form of a bar chart from 2012-2013 to 2016-2017.

Agriculture sector growth remained 0.27 percent last year.

“Kissan package worth 341 billion rupees has paid the dividends to raise its growth to 3.46 percent this year.”

Wheat crop production remained 25.75 million tonnes this year as compared to 25.63 million tonnes last year.

Cotton production remained 10.6 million bales this year as compared to 9.92 million bales last year.

Agriculture credit will achieve the target of $700 billion this year.

Rate of Unemployment

Unemployment rate has remained at the same level as that of 2016-2017, as it remained at 5.9%.

Rice and sugarcane production increased by 4.12%, he said.

“Our GDP growth is being acknowledged at the international level. We have surpassed 5% growth rate after 10 years,” Dar said.

Industrial sector grew by 5.05%, while economic growth has increased by 5%

Finance Minister Ishaq Dar has released the Economic Survey for the outgoing financial year 2016-17 in Islamabad on Thursday, a day before presenting federal budget 2017-18.