ameer219
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Economy to grow by 4.3 percent in fiscal year 2010
http://www.brecorder.com/index.php?id=1056683&currPageNo=1&query=&search=&term=&supDate=
AHMED MUKHTAR
ISLAMABAD (May 15 2010): Pakistan's economy has shown more resilience than expected and is likely to grow by 4.3 percent in the current fiscal, says an official document. GDP was earlier targeted at 3.3 percent for 2009-10. "Pakistan's GDP growth in 2009-10 will be around 4.3 percent because of rebound in services sector plus a recovery in manufacturing sector," says a document prepared for the National Accounts Committee meeting.
Manufacturing saw a visible recovery when its large-scale manufacturing (LSM) sector grew by 4.36 percent positive than minus 7.7 percent, making a positive change of almost 21 percent for the current year despite an acute energy crisis in the country. Had there been lesser shortage of electricity economic growth would have reached near 5 percent, says an official.
Pakistan is now near an opportunity to turn the tables by maintaining this growth trajectory to achieve about 5 percent growth rate which can cause a significant dent in poverty in the next two years, says an official who would be participating in the National Accounts Committee meeting.
Agriculture sector would be a poor performer at 2.2 percent against an unrealistic target of 3.8 percent for 2009-10 and against a bigger base of 4.7 percent of last year. Pakistan's agriculture sector hardly crossed 5 percent in its over 60 years' history.
Services sector came to the rescue this year at 6.59 percent against a target of 3.9 percent and almost similar performance of 3.6 percent last year. Overall growth in manufacturing sector is at 3.54 percent against a target of 1.8 percent and previous year's negative performance of 3.6 percent.
This is great news!
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