Pakistan misses economic growth target by a wide margin

Pakistan missed the economic growth target for the current financial year by a wide margin mainly because of widespread dismal performance by the agriculture sector. The gross domestic product (GDP) grew by 4.7% against the target of 5.5per cent.

The performance of all economic sectors was added up that showed higher than targeted growth by the industrial sector, reports Dawn.

The services sector achieved its growth target of 5.7per cent.

The most worrying aspect of the year was a 0.19% negative growth by agriculture as a whole against the target of 3.9%.

Cotton output led the freefall in the agriculture sector, considered the backbone of the national economy, as it posted a negative growth of 27per cent.

The cotton output stood at 10.1 million bales against the target of 13.96m bales.

The industrial sector, favoured by PML-N, booms as the agriculture sector suffers in the current financial year

The livestock sector grew by 3.63% but remained short of the 4.1% target, while fisheries increased by 3.3%.

Forestry was the only saving grace in the agriculture sector as it grew by 8.8% against the target of 4%.

The mining and quarrying sector grew by 6.8% against the target of 6% but the overall manufacturing sector could not meet growth expectations.

The construction sector grew by 13.1% as it went beyond the 8.5% target, while electricity generation and gas distribution improved by 12.2% against the target of 6per cent.

The services sector could meet the target of 5.7% but this was mainly supported by an increase in the salary of government employees.

This was evident from an 11.13% growth in general government services against the target of 6per cent.

Transport, storage and communication services grew by 4.1% against the target of 6.1per cent, while wholesale and retail trade improved by 4.57% against the target of 5.5per cent.

The finance and insurance sector exceeded the target of 6.5% with a 7.1% growth. Housing services stood at 3.