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Pakistan estimates GDP growth at 3.7 per cent, misses target | DAWN.COM
ISLAMABAD: The Finance Ministry on Thursday released the Economic Survey of Pakistan for the outgoing fiscal year 2011-12, DawnNews reported.
According to the economic survey an annual pre-budget document highlighting the economys performance in the previous year the government failed to achieve its growth targets in the previous year.
Finance minister Abdul Hafeez Shaikh estimated GDP growth for this fiscal year ending in June at 3.7 per cent on Thursday, falling short of the governments forecast after floods damaged the agricultural sector and due to a weak global economy.
The government had forecast 4.2 per cent growth for 2011/12.
Dr Hafeez Sheikh said a 3.7 per cent expansion would still be the best performance since 2007/08.
If we compare it to the 3 per cent last year, then this is the highest economic growth in the last three years, he said.
Dr Sheikh blamed rising global oil prices, a weak global economy and poor security situation back home as major reasons for the failure to achieve the targets.
If oil prices increase in the global marketplace, it has a direct adverse effect on the economy, said the finance minister while addressing the media in Islamabad.
Shaikh said the economy would have grown at a higher rate but was hampered by extensive flood damage to crops and infrastructure in the Sindh and Balochistan provinces, and threats to the global economic recovery.
Is (the GDP growth rate) rising in the way we want? No, he said, while unveiling Pakistans economic survey for 2011/12.
According to the survey, the governments fiscal deficit in the first 10 months (July-April) of 2011/12 stood at 5 per cent of GDP, compared to 5.5 per cent in the same period the previous year.
The agriculture sector grew by an estimated 3.1 per cent in 2011/12, the survey showed, compared to 2.4 per cent growth the previous year. The sector accounts for 21 per cent of GDP, 45 per cent of employment and 60 per cent of exports, according to the survey.
The manufacturing sector grew by an estimated 1.1 per cent expansion, against 1 per cent growth the previous year, while the services sector expanded 4 per cent, compared to 4.4 per cent in 2010/11.
ISLAMABAD: The Finance Ministry on Thursday released the Economic Survey of Pakistan for the outgoing fiscal year 2011-12, DawnNews reported.
According to the economic survey an annual pre-budget document highlighting the economys performance in the previous year the government failed to achieve its growth targets in the previous year.
Finance minister Abdul Hafeez Shaikh estimated GDP growth for this fiscal year ending in June at 3.7 per cent on Thursday, falling short of the governments forecast after floods damaged the agricultural sector and due to a weak global economy.
The government had forecast 4.2 per cent growth for 2011/12.
Dr Hafeez Sheikh said a 3.7 per cent expansion would still be the best performance since 2007/08.
If we compare it to the 3 per cent last year, then this is the highest economic growth in the last three years, he said.
Dr Sheikh blamed rising global oil prices, a weak global economy and poor security situation back home as major reasons for the failure to achieve the targets.
If oil prices increase in the global marketplace, it has a direct adverse effect on the economy, said the finance minister while addressing the media in Islamabad.
Shaikh said the economy would have grown at a higher rate but was hampered by extensive flood damage to crops and infrastructure in the Sindh and Balochistan provinces, and threats to the global economic recovery.
Is (the GDP growth rate) rising in the way we want? No, he said, while unveiling Pakistans economic survey for 2011/12.
According to the survey, the governments fiscal deficit in the first 10 months (July-April) of 2011/12 stood at 5 per cent of GDP, compared to 5.5 per cent in the same period the previous year.
The agriculture sector grew by an estimated 3.1 per cent in 2011/12, the survey showed, compared to 2.4 per cent growth the previous year. The sector accounts for 21 per cent of GDP, 45 per cent of employment and 60 per cent of exports, according to the survey.
The manufacturing sector grew by an estimated 1.1 per cent expansion, against 1 per cent growth the previous year, while the services sector expanded 4 per cent, compared to 4.4 per cent in 2010/11.
