Pak 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 per cent 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 per cent negative growth by agriculture as a whole against the target of 3.9 per cent.

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 per cent but remained short of the 4.1 per cent target, while fisheries increased by 3.3 per cent.

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

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

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

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

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

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

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