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GDP growth falls short of 6.2-percent target, at 3.3 percent: Hafeez Shaikh

ISLAMABAD: A GDP (Gross domestic product) growth of 3.3 percent was achieved by Pakistan during the outgoing fiscal year, falling short of its target which was 6.2 percent, the Adviser of Prime Minister on Finance, Dr Abdul Hafeez Shaikh, said Monday.

In the federal capital during a press conference, the Adviser of Prime Minister on Finance, Dr Hafeez Shaikh explained that positive measures were being taken for the  economic stability of the country. The Adviser of Prime Minister on Finance, Dr Hafeez Shaikh said that “Past governments entangled country in a ‘quicksand of loans’.”

Dr Hafeez Shaikh further added that “When the incumbent government came to power, the economy was in shambles”.

The Adviser of Prime Minister on Finance, Dr Hafeez Shaikh said that “We are now making effort to pull the country out of the challenging conditions.”

The details of a pre-budget document titled “Economic Survey 2018-19,” was shared by the Adviser of Prime Minister on Finance, Dr Hafeez Shaikh as it was formally launched by the government of Pakistan Tehreek-e-Insaf (PTI), here at the P-Block Auditorium with the media at a press conference.

The key economic indicators and the performance of different sectors of the economy were discussed by the adviser as an overview of economic progress of Pakistan in recent years, official sources said.

The main features were highlighted in the report about the policies undertaken by the incumbent government, which were focused on putting the country on a growth trajectory and bringing macro-economic stability.

Key statistics from Economic Survey 2018-19

Agriculture

As opposed to target growth of 3.80 percent, the actual growth is recorded at 0.85 percent.

Major crops

As opposed to target growth of 3.00 percent, the actual growth is recorded at negative 6.55 percent.

Other various crops

As opposed to target growth of 3.50 percent, the actual growth is recorded at 1.95 percent.

Cotton Ginning

As opposed to target growth of 8.90 percent, the actual growth is recorded at negative 12.74 percent.

Livestock

As opposed to target growth of 3.80 percent, the actual growth is recorded at 4.00 percent.

Fishing

As opposed to target growth of 1.80 percent, the actual growth is recorded at 0.79 percent.

Industries

As opposed to target growth of 7.60 percent, the actual growth is recorded at 1.40 percent.

Mining

As opposed to target growth of 3.60 percent, the actual growth is recorded at negative 1.96 percent.

Small Industries

Actual growth is recorded in line with target growth at 8.20 percent.

Construction

Actual growth recorded as opposed to target growth of 10.00 percent at 7.57 percent.

Services

As opposed to target growth of 6.50 percent, the actual growth is recorded at 4.71 percent

Wholesale and Groceries Businesses

As opposed to target growth of 7.80 percent, the actual growth is recorded at 3.11 percent.

Transport, Storage, and Communications

As opposed to target growth of 4.90 percent, the actual growth is recorded at 3.34 percent.

Finance and Insurance

As opposed to target growth of 7.50 percent, the actual growth is recorded at 5.14 percent.

Housing Services

Actual growth recorded in line with the target growth at 4.00 percent.

General Government Services

As opposed to target growth of 7.20 percent, the actual growth is recorded at 7.99 percent.

Survey focus

All the important sectors of the economy were covered by the survey, such as agriculture, growth and investment, manufacturing, fiscal development, mining, money and credit, inflation, capital markets, and debt and liabilities.

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The insight on performance of education, agriculture, and health and nutrition, was also given in the survey besides showing the labour force and employment, overall population, poverty, transport and communication, and per capita income.

Meanwhile, the first budget is expected to be presented by the federal government— with an estimated outlay of around Rs6 trillion — on Tuesday in the Parliament for the fiscal year 2019-20.

The Pakistan Tehreek-e-Insaf (PTI) -led government has said that the special focus would be given by the budget on fiscal management, measures for economic stabilisation and growth, revenue mobilisation, reduction in non-development expenditures, people-friendly policies for the country’s socioeconomic prosperity, and boosting exports besides providing relief to the masses, promoting investment for job creation.

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