GDP growth reaches 5.3% first time in eight years: economic survey
Ishaq Dar said that the GDP growth rate is set at 6 percent for next year.
ISLAMABAD (Web Desk) – Federal Minister for Finance Ishaq Dar on Thursday has said that 5.3 percent growth has been witnessed in Gross Domestic Product (GDP) in fiscal year 2016-17.
While announcing the Pakistan economic survey in Islamabad, Ishaq Dar said that we have surpassed five percent growth rate in fiscal year 2016-17 while it is set at 6 percent for next year. He said the industrial sector contributed twenty one percent, agriculture twenty percent and services sixty percent to the GDP.
Giving a breakdown, Ishaq Dar said that agriculture growth remained 3.46 percent, services 5.98 and industries 5.02 percent. He said that six percent growth target has been set for the next financial year.
About the industrial growth, Ishaq Dar said that the large scale manufacturing sector is on a positive trajectory while the construction industries witnessed a growth of nine point zero five percent during the outgoing year.
Turning to the agriculture sector, the Finance Minister reminded that its growth remained 0.27 percent last year.
Kissan package worth 341 billion rupees has paid the dividends to raise its growth to 3.46 percent this year. Under the Kissan package, he said the agriculture inputs including fertilizers were subsidized.
He said the production of different major crops also witnessed an increase during the period. Wheat crop production remained 25.75 million tonnes this year as compared to 25.63 million tonnes last year. Cotton production remained 10.6 million bales this year as compared to 9.92 million bales last year.
He said efforts are being made to further improve cotton production in order to domestically meet the demand of textile industry.
About the agriculture credit, he was confident that it will achieve the target of seven hundred billion dollars this year.
