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Pakistan estimates GDP growth at 3.7 per cent, misses target

AbhimanyuShrivastav

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Pakistan estimates GDP growth at 3.7 per cent, misses target | DAWN.COM

ISLAMABAD: The Finance Ministry on Thursday released the Economic Survey of Pakistan for the outgoing fiscal year 2011-12, DawnNews reported.

According to the economic survey — an annual pre-budget document highlighting the economy’s performance in the previous year — the government failed to achieve its growth targets in the previous year.

Finance minister Abdul Hafeez Shaikh estimated GDP growth for this fiscal year ending in June at 3.7 per cent on Thursday, falling short of the government’s forecast after floods damaged the agricultural sector and due to a weak global economy.

The government had forecast 4.2 per cent growth for 2011/12.

Dr Hafeez Sheikh said a 3.7 per cent expansion would still be the best performance since 2007/08.

“If we compare it to the 3 per cent last year, then this is the highest economic growth in the last three years,” he said.

Dr Sheikh blamed rising global oil prices, a weak global economy and poor security situation back home as major reasons for the failure to achieve the targets.

“If oil prices increase in the global marketplace, it has a direct adverse effect on the economy,” said the finance minister while addressing the media in Islamabad.

Shaikh said the economy would have grown at a higher rate but was hampered by extensive flood damage to crops and infrastructure in the Sindh and Balochistan provinces, and threats to the global economic recovery.

“Is (the GDP growth rate) rising in the way we want? No,” he said, while unveiling Pakistan’s economic survey for 2011/12.

According to the survey, the government’s fiscal deficit in the first 10 months (July-April) of 2011/12 stood at 5 per cent of GDP, compared to 5.5 per cent in the same period the previous year.

The agriculture sector grew by an estimated 3.1 per cent in 2011/12, the survey showed, compared to 2.4 per cent growth the previous year. The sector accounts for 21 per cent of GDP, 45 per cent of employment and 60 per cent of exports, according to the survey.

The manufacturing sector grew by an estimated 1.1 per cent expansion, against 1 per cent growth the previous year, while the services sector expanded 4 per cent, compared to 4.4 per cent in 2010/11.


 
and "they" questions indian GDP growth....:s

And this is just an estimate yet.. Am sure they are laying the ground for a much larger miss.. Probably closer to 3 percent like last time.. And am sure this does not include the 10% deduction from the GDP that came in due to fudged numbers/double counting in last few years..
 
Very Poor economic Growth...there Corrupt government Is Responsible for This It's Common Man Who Suffers.
How Many People are under poverty Line in Pakistan ?
 
and "they" questions indian GDP growth....:s


i think a major difference is that pakistan is plunged into a western "war on terror" and being forced to destabilise itself to appease the west.

however i dont want to make excuses for these guys, they probably would do no better even if there was no WoT.
 
Hey, I go to circus to watch clowns.. That does not make me obsessed with them.. But if a clown at the circus starts following me around, that's obsession ;)
I think you're getting circus mixed up with Pakistan Defence forum. The Indian defence forum is a circus, and also un-civilized with trolling & childish remarks being thrown around even by Moderators. SO if you want to watch clowns I suggest you go there. :)
 
Hey, I go to circus to watch clowns.. That does not make me obsessed with them.. But if a clown at the circus starts following me around, that's obsession ;)

You could have stood in front of a mirror.

Why waste money?
 
I think you're getting circus mixed up with Pakistan Defence forum. The Indian defence forum is a circus, and also un-civilized with trolling & childish remarks being thrown around even by Moderators. SO if you want to watch clowns I suggest you go there. :)

Says the guy who started the personal attacks

Looks like you have trouble grasping the concept of explanation thru parallels..

Anyway, I was not calling Defence.pk a circus.. :lol:
 
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