ISLAMABAD: Contrary of the elections slugans, PM Imran Govt failed to get GDP growth target of current fiscal year. The country’s economy grow only by 3.3 percent against 6.2 percent of growth target.
The National Accounts Committee met under the chairmanship of Secretary Planning Commission here on Thursday.
The officials presented the provisional estimates for the year 2018-19 for GDP and GFCF of six to nine months.
GDP growth target missed
The Committee noted the country missed the GDP growth target as it has achieved 3.3 percent as against 6.2 percent. 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 the 2018. Only wheat depicted positive growth of 0.5% during the current fiscal year. The committee noted cotton production witnessed negative growth by 17.5 percent. Rice productions remained -3.3 percent and sugarcane -19.4 percent.
Other crops (such as onion, tomatoes and fruits) show growth of 1.95% mainly because of increase in production of pulses and oil seeds.
Livestock sector registered a growth of 4 percent. Forestry has grown at 6.5 percent due to increase in production of timber.
The overall industrial sector on the other hand showed an increase of 1.4 percent. The mining and quarrying sector also declined by 1.96 percent. The large scale manufacturing (LSM) sector also showed a contraction of 2.1 percent.
The Electricity and gas sub sector has grown by 40.5 percent. It has mainly due to better performance of WAPDA & distribution companies and IPPs. The construction activity has also decreased by 7.6%.
Services sector remained major contributor to economic growth as its value added increased by 4.7 percent.
The wholesale and retail trade sector grew by 3.1%. Whereas transport, storage and communication sector has also registered a growth of 3.3%. Finance and insurance sector also shows an overall increase of 5.1%.
On account of positive contributions from scheduled banks (5.3%), non-schedule banks (24.6%) and insurance activities (12.8%) despite decline in central banking by 12.5%.
The general government services has grown by 7.99% and other private services has contributed positively at 7.1 percent.