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Pakistan faces nine-year low, GDP growth rate dips to 3.3%

Most economic targets missed, National Accounts Committee told

SAMAA | - Posted: May 10, 2019 | Last Updated: 3 years ago
Posted: May 10, 2019 | Last Updated: 3 years ago

Photo: AFP

Pakistan’s GDP growth is expected to remain at 3.3% during the current fiscal year (2018-19) as most of the economic sectors missed their annual growth targets.

A National Accounts Committee meeting chaired by the planning and development secretary was told this on Thursday.

​Provisional estimates for the 2018-19 for Gross Domestic Product (GDP) and Gross Fixed Capital Formation (GFCF) have been based on data from the last six to nine months, according to the ministry of planing and development.

The provisional GDP growth for 2018-19 has been estimated at 3.3%. The growth of the agricultural, industrial and services sectors is 0.85%, 1.4% and 4.7% respectively.

The crop sector faced the consequences of acute water shortages during the first half of 2018 and, therefore, only wheat recorded positive growth of 0.5%. Cotton, rice and sugarcane witnessed negative growth at -17.5%, -3.3%, and -19.4% respectively. Other crops (like onions, tomatoes and fruits) show a growth of 1.95%, mainly because of increase in the production of pulses and oil seeds.

The livestock sector recorded growth of 4% whereas forestry has grown 6.5% due to an increase in the production of timber. The overall industrial sector on the other hand showed an increase of 1.4%. The mining and quarrying sector declined by 1.96%.

The large scale manufacturing sector, which is driven primarily by QIM data (from July 2018 to February 2019), showed a contraction of 2.1%.

The electricity and gas sub-sector has grown by 40.5% mainly due to better performance of WAPDA, distribution companies and independent power producers.

Construction activity has decreased by 7.6% while the services sector remained the major contributor to economic growth as its value added increased by 4.7%. Within the services sector, wholesale and retail trade grew by 3.1% whereas transport, storage and communication has registered a growth of 3.3%, according to an official handout.

The finance and insurance sector showed an overall increase of 5.1% on account of positive contributions from scheduled banks (5.3%), non-scheduled banks (24.6%) and insurance activities (12.8%) despite a decline in central banking by 12.5%.

General government services have grown by 7.99% and other private services, a set of computer related activities, education, health and social work, NGOs etc, have contributed positively at 7.1%, it added.

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Pakistan economy, GDP, Pakistan GDP, National Accounts Committee
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