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Economic growth could not be achieved target due to poor performance:Dar

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ISLAMABAD:(APS)June 2, 2016-Economic Survey, pre-budget documents, says the country achieved GDP growth rate of 4.7% during the outgoing financial year.

The survey was released by Finance Minister Ishaq Dar at a news briefing in Islamabad on Thursday afternoon.

He said the country could not achieve the GDP growth rate target of 5.21% due to losses in cotton crop, which had a negative impact of 0.5% on the overall GDP growth rate.

Industrial growth stood at 6.8% as against revised target of 4.81% of last year.

Large-scale manufacturing registered growth of 4.61% as against 3.29% last year.

The Minister said major improvement was shown by automobile sector which grew by 23.4% followed by fertilizer 115.9%, leather products 12%, rubber products 11.7%, cement 10,4%, chemicals 10% and fertilizer 7.2%.

Ishaq Dar said electricity generation and gas distribution showed growth of 12.18% as compared to last year’s growth of 13.10%.

Construction sector also registered 13.10% increase as compared to last year’s growth of 6.24%.

The Finance Minister said services sector also showed increased in growth at 7.71% as against 4.31% last year.

The Finance Minister said earnings of Pakistan Railways showed an improvement of 13.8%.

Ishaq Dar said agriculture sector showed negative growth of 0.19% as against the target of 3.9%. Wheat production marginally increased from twenty five million tonnes last year to 25.48 million tonnes this year.

He said Rice production was marginally low with 6.81 million tonnes this year as against 7 million tonnes last year. Cotton production dropped from 13.96 million bales last year to 10.07 million bales this year.

The Finance Minister Ishaq Dar said country’s foreign exchange reserves achieved new record of 21.6 billion dollars on 30th of May this year.

He said rupee-dollar parity is stable and per capita income stood at 1560.7 dollar.

Ishaq Dar said exports stood at 18.18 billion dollars and imports at 32.70 billion dollars during first ten months of the current financial year.

Remittances by Overseas Pakistanis stood at 16.3% in ten months and foreign direct investment increased by 5.4%. Most of the FDI went to electricity and gas sectors.

He said Stock market index crossed 36,000 points.

The Finance Minister said the cost of war on terror to the economy this year was 5.56 billion dollars, taking the total to 118.32 billion dollars.

The Minister said the next budget would be growth oriented with focus on agriculture.

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