Record growth of 5.3pc in GDP during FY 2016-17, cabinet briefed
Secretary Finance briefed the cabinet that fiscal deficit reduced by 5.8 per cent of the GDP
ISLAMABAD (Dunya News) – (APP): The Federal Cabinet was informed Tuesday that the country had achieved a stabilized economy with the gross domestic product (GDP) witnessed a record growth of 5.3 per cent and the fiscal deficit reduced by 5.8 per cent of the GDP.
The Secretary Finance briefed the cabinet, chaired by Prime Minister Shahid Khaqan Abbasi, on the overall economic situation of the country, including key economic indicators, economic growth outlook, real sector growth performance, consumer price index, credit situation, fiscal consolidation, tax collection by the FBR, workers’ remittances, foreign direct investment, foreign exchange reserves, balance of payments, public debt and significant developments in Pakistan’s economy.
It was apprised that during FY 2016-17 the GDP recorded an increased growth of 5.3%, large scale manufacturing achieved 5.6% growth, per capita income increased to US $ 1,629 from US $ 1,334 in FY 2012-13 and remittances rose to US $ 19.3 billion.
The cabinet was informed that the Federal Board of Revenue (FBR) collected Rs 3,362 billion, fiscal deficit had been reduced by 5.8% of the GDP, 8,286 new companies were registered, forex reserves increased to US $ 21.4 billion and FDI witnessed increase of US $ 2.4 billion in FY 2016-17.
The cabinet appreciated the Finance Minister and the Finance Division for their tireless efforts, which had resulted in positive economic turnaround since 2013.
The Prime Minister informed the cabinet that renowned international rating organizations had recognized upward economic growth of Pakistan despite internal and external challenges.
The cabinet approved amendments in the Guidelines of Prime Minister’s Global SDG’s achievement programme and amendments in Rules of Business, 1973 after reorganization / creation of new federal ministries and divisions to facilitate and clarify subjects allocated to them.
