Budget

Economic Survey indicates GDP growth target missed

ISLAMABAD: Finance Minister Ishaq Dar today launched the Economic Survey of Pakistan 2013-14, ARY News reported Monday.

The minister hinted to pitch the GDP growth rate for next fiscal year more than 5%.

In a press conference, the finance minister said the growth rate stood at 4.1% instead of the targeted 4.4%. GDP rate touched 4 percent in last six years, said the minister. Dar said the GDP growth rate target improved by 4.14%, higher than the 3.7pc growth planned last year.

He also claimed that national economic growth will progress by one per cent  per annum for next three years.

Dar told that big industries progressed at 5.3 percent. The development in services sector was recorded at 4.2 %.

He said the information and transportation sector progressed at 2.9%. While production of cotton, seed oil and pulses production declined. The minister added that inflation rate stood at 8.2 % in last 11 months.

Dar said the fiscal deficit remained below 6%. Foreign investment was recorded at $ US 3 billion. The finance minister said rice production stood at 6.8 million tonnes in the ongoing fiscal year.

He told that investment of $ US 400 million made in Oil and Gas sector. “Agriculture production was recorded 2.18 % this year.”

The minister added that negative growth was recorded in two agriculture sectors – Cotton and Crop. Approximate 3.5% decrease was witnessed in crops production. Inflation rate subsided due to appreciation of Pakistani rupee, said the minister.

Complete Economic Survey can be checked here:  Pakistan Economic Survey 2013-14

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Economic Survey indicates GDP growth target missed

by Azhar Khan