Growth to hit 11-year peak, (NAC)-Pakistan

[N.Siddiqui]

ISLAMABAD: The PML-N government on Monday announced that the economy is going to grow at 5.79 per cent, slightly lower than the target of 6pc for 2017-18, but highest in the last 11 years.

In the meeting of National Accounts Committee (NAC), only 15 out of 20 key growth indicators were found to be on target. The growth rate, however, is provisional as final numbers for the full year will firm up later.

The per capita income calculates to Rs180,204 for 2017-18, higher than Rs162,230 figure for FY17 based on provisional data from Population Census 2017 held in March last year.

The agriculture sector witnessed growth of 3.81pc, exceeding its target of 3.5pc in the outgoing fiscal year.

Important crops went up by 3.57pc against the target of 2pc with growth in the production of rice, sugarcane and cotton is estimated to be 8.7pc, 7.4pc, and 11.8pc, respectively. Decline in production has been estimated in wheat and maize at 4.4pc and 7.1pc, respectively.

Livestock, the second largest sub-sector of agriculture registered a growth of 3.76pc against the target of 3.8.



Per capita income rises to Rs180,000



The fishery sector expanded 1.63pc against 1.7pc last year while forestry grew 7.17pc versus the target of 10pc, reflecting the last year’s trend.

The industrial sector posted a growth of 5.8pc compared to the benchmark set at 7.3pc in 2017-18 while in FY17, it grew by 5.43pc. The mining and quarrying sector recorded growth of 3.04pc against the target of 3.5pc.

Manufacturing recorded growth of 6.13pc against the target of 6.4pc, higher than the 5.82pc last year.

Large-scale manufacturing was up 6.13pc against the target of 6.3pc. Small-scale manufacturing expanded 6.13pc against the target of 8.2pc while slaughtering grew 8.18pc against the target of 3.7pc.

Major contributors to this growth were cement at 12pc, tractors 44.7pc, trucks 24.41pc and petroleum products 10.26pc. Electricity and gas sub sector was up 1.84pc and the construction activity 9.13pc.

Growth in the construction sector was 9.13pc compared to 9.84pc last year, missing its target at 12.1pc for the outgoing fiscal year. Supply of electricity and gas also depicted an increase of 1.84pc against the bar at 12.5pc. The electricity and gas sub-sector, however, showed low growth due to reduced subsidies for K-Electric and Wapda and its companies.

The services sector grew 6.43pc in 2017-18 against the benchmark of 6.4pc while last year, it expanded by 6.46pc. Major contributors were the general government services, which rose 11.42pc against the target of 7pc. It was mainly driven by the increase in salaries and inflation. Other private services also contributed positively.

Finance and insurance increased by 6.13pc against the target of 9.5pc, housing services by 4pc against 3.9pc, transport, storage and communication 3.58pc against 5.1pc.

Wholesale and retail trade sector grew at a rate of 7.51pc against the target of 7.2pc. It is dependent on the output of agriculture and manufacturing and imports. Agriculture increased by 3.81pc, manufacturing increased by 5.80pc and imports increased by 17pc.

Published in Dawn, April 10th, 2018

https://www.dawn.com/news/1400695/growth-to-hit-11-year-peak

 

[N.Siddiqui]

Exports up 24pc in March


ISLAMABAD: The exports of merchandise posted a growth of 24 per cent year-on-year to $2.23 billion in March, the Ministry of Commerce announced on Monday.

This is the highest growth posted in a single month in the last four years, according to an official announcement.

Between July-March, exports recorded a growth of 13pc year-on-year to $17.08bn.

According to the commerce ministry statement, the initiatives by the government to provide duty drawback as well as the exchange rate adjustments have contributed positively to the growth. Improved market access especially in the European market owing to the successful review of GSP+ facility also played an important role.


On monthly basis, imports growth remained subdued at only 5pc as compared to March 2017, which has also been one of the lowest growths in imports in the past many months. The import volume reached to $5.28bn in March against $5bn over the corresponding month of last year.

In the nine months period, the import bill reached to $44.4bn as against $38.4bn over the corresponding months of last year, an increase of 16pc.

Imports on the other hand are now finding their real value by improved exchange rate regime and regulatory duties on non-essential and luxury goods. However, imports remained under pressure due to continuation of oil prices on higher side.

The increase in fuels imports (oil, coal and LNG) both in the terms of price as well as quantities keep the balance of trade around $3bn for the month of March 2018, which is however 5.7pc lower than March 2017 due to robust exports growth, added the announcement.

The trade deficit has reached to $27.3bn in July-March period 2018 as against $23.3bn over the corresponding period of last year, showing an increase of 17pc.

However, the trade deficit dropped by 5pc in March 2018 to $3.04bn from $3.2bn over the corresponding month of last year.

https://www.dawn.com/news/1400693/exports-up-24pc-in-march







Major drivers of growth...

Major contributors to this growth were cement at 12pc, tractors 44.7pc, trucks 24.41pc and petroleum products 10.26pc. Electricity and gas sub sector was up 1.84pc and the construction activity 9.13pc.

Growth in the construction sector was 9.13pc compared to 9.84pc last year

Large-scale manufacturing was up 6.13pc against the target of 6.3pc. Small-scale manufacturing expanded 6.13pc against the target of 8.2pc.



















Car and motorcycle vendor Industry in Pakistan, the deletion levels and localization of parts

There are almost 3000 Auto Parts-Manufacturers operating all over Pakistan, whereby this industry has created almost 3 million jobs and opportunities for respectable income, engaging 500,000 skilled workers as Direct Employees and 2.4 million indirect employees. It has generated a robust Investment volume of Rs.370 billion, and contributes revenues of Rs. 110 billion per year to the national exchequer. It has also achieved an Import substitution worth US$ 3.3 billion per annum and an Exports volume of US$ 210 million per annum. Pakistan is already the cheapest source in the world, for producing tractors.

This industry has already achieved a high level of localization, whereby it boasts: 75% localization in Cars & HCVs, 96% in Tractors, 96% in Motorcycles and 80% in Three Wheelers. Its products are being exported to; The European Union, USA, African Countries and all over Asia. The Annual production in 2017 (six months) had reached; 107,787 cars, 941,000 motorcycles and 3-Wheelers, 4,514 Trucks, 409 Buses, 32,641 Tractors.

https://netmag.pk/pakistan-biggest-auto-show-2018/

 

[Homo Sapiens]

ISLAMABAD: The PML-N government on Monday announced that the economy is going to grow at 5.79 per cent, slightly lower than the target of 6pc for 2017-18, but highest in the last 11 years.

In the meeting of National Accounts Committee (NAC), only 15 out of 20 key growth indicators were found to be on target. The growth rate, however, is provisional as final numbers for the full year will firm up later.

The per capita income calculates to Rs180,204 for 2017-18, higher than Rs162,230 figure for FY17 based on provisional data from Population Census 2017 held in March last year.

The agriculture sector witnessed growth of 3.81pc, exceeding its target of 3.5pc in the outgoing fiscal year.

Important crops went up by 3.57pc against the target of 2pc with growth in the production of rice, sugarcane and cotton is estimated to be 8.7pc, 7.4pc, and 11.8pc, respectively. Decline in production has been estimated in wheat and maize at 4.4pc and 7.1pc, respectively.

Livestock, the second largest sub-sector of agriculture registered a growth of 3.76pc against the target of 3.8.



Per capita income rises to Rs180,000



The fishery sector expanded 1.63pc against 1.7pc last year while forestry grew 7.17pc versus the target of 10pc, reflecting the last year’s trend.

The industrial sector posted a growth of 5.8pc compared to the benchmark set at 7.3pc in 2017-18 while in FY17, it grew by 5.43pc. The mining and quarrying sector recorded growth of 3.04pc against the target of 3.5pc.

Manufacturing recorded growth of 6.13pc against the target of 6.4pc, higher than the 5.82pc last year.

Large-scale manufacturing was up 6.13pc against the target of 6.3pc. Small-scale manufacturing expanded 6.13pc against the target of 8.2pc while slaughtering grew 8.18pc against the target of 3.7pc.

Major contributors to this growth were cement at 12pc, tractors 44.7pc, trucks 24.41pc and petroleum products 10.26pc. Electricity and gas sub sector was up 1.84pc and the construction activity 9.13pc.

Growth in the construction sector was 9.13pc compared to 9.84pc last year, missing its target at 12.1pc for the outgoing fiscal year. Supply of electricity and gas also depicted an increase of 1.84pc against the bar at 12.5pc. The electricity and gas sub-sector, however, showed low growth due to reduced subsidies for K-Electric and Wapda and its companies.

The services sector grew 6.43pc in 2017-18 against the benchmark of 6.4pc while last year, it expanded by 6.46pc. Major contributors were the general government services, which rose 11.42pc against the target of 7pc. It was mainly driven by the increase in salaries and inflation. Other private services also contributed positively.

Finance and insurance increased by 6.13pc against the target of 9.5pc, housing services by 4pc against 3.9pc, transport, storage and communication 3.58pc against 5.1pc.

Wholesale and retail trade sector grew at a rate of 7.51pc against the target of 7.2pc. It is dependent on the output of agriculture and manufacturing and imports. Agriculture increased by 3.81pc, manufacturing increased by 5.80pc and imports increased by 17pc.

Published in Dawn, April 10th, 2018

https://www.dawn.com/news/1400695/growth-to-hit-11-year-peak

Congratulation.

 

[N.Siddiqui]

Congratulation.

Pakistan catching up with Bangladesh...will take time. Bangladesh economic growth, specially the HDI growth is impressive and phenomenal, need to give it to Bangladesh.

 

[Pakistani Aircraft]

Congratulation.

It's nothing. It's worthless if the GDP growth is less than 7%.

 

[POPEYE-Sailor]

Its just a

 

[Maxpane]

Someone senior plz shed some light on it

 

[AyanRay]

5.7% growth rate is indeed good, but the thing to remember is it has come after successive low growth years, so there was a favourable base effect. The trick will be to sustain this rate for a longer period now and improve upon it.

 

[Moon]

Unfortunately, the government has yet to take decisive action against trade deficit. That can only happen if 100% manafacturing of capital goods and vehicles is commenced in the city, (I suggest passing an act to make sure all construction equipment has to be made in Pakistan).

 

[American Pakistani]

How much loans have been borrowed in these 11 years? What is the current debt on Pakistan?

Pakistan need to cut importing as much as it can. Exports should be double of what a poor country like Pakistan imports.

 

[SMC]

@SunilM just wondering why you weren't able to report this news given you are usually on top of everything?

 

[Nothing]

Unfortunately, the government has yet to take decisive action against trade deficit. That can only happen if 100% manafacturing of capital goods and vehicles is commenced in the city, (I suggest passing an act to make sure all construction equipment has to be made in Pakistan).

This should have been done 2 years before the government started CPEC. In that case, Pakistan would have been in a different level of industrialization. But that will reduce billions of $$$$ of current import and makes many outside companies cry for money. GOP did this on purpose and right now some outside companies are prospering instead on Pakistani companies.

 

[volatile]

Cheapo reprting This segment only gives some 9 Billion Rs where are we are generating 4000 Billion , WTF

 

[tarrar]

All BS lies, Pakistans economy continues to cripple because of massive loans & non stop corruption.

 

[N.Siddiqui]

just wondering why you weren't able to report this news given you are usually on top of everything?

He always scavenges for bad news from Pakistan, like I reckon he must have quoted(OP) about 20 articles regarding Pakistan going for a bailout from IMF, that now seems far fetched.