Pakistan records over 4 percent annual economic growth: Govt

Pakistan`s government said that the country had achieved 4.1 percent GDP growth during the fiscal year ending on June 30.

PTI| Updated: Jun 03, 2014, 03:07 AM IST

Islamabad: Pakistan`s government on Monday said that the country had achieved 4.1 percent GDP growth during the fiscal year ending on June 30.

Launching the annual Economic Survey, a pre-budget document showing overall national growth, Finance Minister Ishaq Dar said it is for the first time in six years that the country has entered the territory of four per cent growth.

He promised to accelerate the national growth and take to coveted 7 percent by 2017.

Radio Pakistan said that the industrial growth has been recorded at 5.84 percent as against 1.37 percent last year.

Large-scale manufacturing recorded growth of 5.135 percent as against 4.08 percent last year.

He said electricity generation and gas distribution growth last year was minus 16.33 percent and this year it has grown by 3.72 percent.
Construction recorded growth of 11.31 percent this year as against minus 1.685 percent last year.

Wholesale and retail trade increased by 5.181 percent as against 3.38 percent last year.

Transport and communication recorded growth of 2.89 percent as against 2.88 percent last year.

Agriculture sector showed growth of 2.12 percent as against 2.88 percent last year and major crops showed growth of 3.74 percent as compared to 1.19 percent last year.

The minister said inflation in the first eleven months of the current financial year was 8.6 percent as against 7.5 percent last year.

Exports in ten months of the outgoing financial year stood at USD 21 billion as against USD 20.1 billion last month, showing an increase of USD 900 million.

Dar said grant of GSP Plus concession by the European Union has started impacting the textile sector positively as it grew by 7 percent in value terms.

The survey says imports in ten months of this financial year stood at USD 37.1 billion as against USD 36.7 billion last year, indicating a 1.2 percent increase.
The minister said there was significant increase in import of plant and machinery which is a positive indication.

Workers` remittances in ten months of current financial year reached USD 12.9 billion as against USD 11.6 billion last year, showing a growth of 11.5 per cent.

Foreign investment this year stood at USD 2.979 billion as against USD 1.277 billion last year.

Foreign exchange reserves presently stood at USD 13.63 billion as against USD 11.4 billion last year.

Per capita income this year has increased to USD 1,386 from USD 1,339 dollar last year. The stock market crossed 29,700 points and its capitalisation increased by 38 percent.

The Economic Survey is considered as the most authentic document which detailed development and growth for every year. It is launched a day before the national budget.

The budget for the new 2014-15 fiscal will be presented tomorrow in the national assembly by the finance minister. It is the second budget of the PML-N government.

Pakistan`s fiscal year starts on July 1 and ends on June 30.