Pakistan has achieved 5.3% economic growth, the highest in a decade, on the back of recovery in the agriculture sector and better-than-expected performance in the services sector, stated the government on the basis of provisional figures. The growth puts the country in the league of economies that have a size of over $300 billion.
Gross Domestic Product, the monetary value of all goods and services produced in one year, is projected to have grown at a rate of 5.28% during the fiscal year 2016-17 ending on June 30, National Accounts Committee (NAC) said.
However, the figure is provisional and subject to variations once the final results are available at the end of the fiscal year. At 5.3%, Pakistan’s economic growth has finally attained the pace it had before the crisis hit the country in 2008. For the next fiscal year 2017-18, the government has set the GDP growth target at 6%.
Nonetheless, the PML-N government again missed its annual GDP growth target of 5.7% for the outgoing fiscal year. Yet, the results were better than the forecasts made by international financial institutions.
As a result of over 5% growth rate, the nominal size of Pakistan’s economy increased to $304.4 billion.