Pakistan records 5.28 per cent GDP growth
May 26, 2017- The Economic Survey for 2016-17 unveiled by Finance Minister Ishaq Dar on Thursday recorded the GDP growth rate at 5.28 per cent, increasing the size of the economy at $304 billion and per capita income at $1,629 during the outgoing financial year that will end on June 30.
The minister provided an overview of the economic progress made in recent years in Pakistan and highlighted the main features of the comprehensive reforms agenda undertaken by the present government, which resulted in macro-economic stability and a 10-year high growth rate of 5.28 per cent.
He present the budget for new federal budge for 2017-18 in the National Assembly on Friday and will provide details of the revenue, expenditure and relief measures envisaged for the next fiscal year.
“There has been visible growth in the national economy,” the minister said. “This is the first time in 10 years that we have crossed the 5pc GDP growth mark. For the first time, Pakistan’s economy crossed the $300 billion mark. The industrials sector grew 5.02pc, Agriculture 3.46pc and Services 5.98pc. We are now targeting 6pc growth for next year.”
Dar said the government also met its budget deficit target of 3.8pc, with the actual deficit registering at 3.7pc.
The government missed its trade deficit target of Rs20.4bn, with the actual deficit widening to Rs24bn in the period reviewed.
The current account deficit expanded to $7.25bn for the year, and is expected to reach 2.7pc of GDP by the end of this year.
Foreign remittances are expected to reach $19.5bn for the year, while foreign direct investment is expected to reach $2.58bn. Forex reserves reached nearly $21bn, the minister said. “3.4 per cent increase has been recorded in electricity, gas supply in the existing fiscal year.”
He said the growth rate for next fiscal year has been set above 6 per cent. “GDP growth in Pakistan is being acknowledged at the international level.”