Thursday, 18 October 2018, 09:19:18 pm
Country's growth rate reaches highest in last 13 years, 5.8%
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April 27, 2018

Minister of Planning and Development Ahsan Iqbal says the country's growth rate has reached 5.8 percent, the highest in last 13 years, which shows that the government's economic policies have put the country on the right track.

Speaking at the launch of Economic Survey 2017-18 in Islamabad this evening (Thursday), he said the government could have achieved the target of 6 percent had the impediments not stopped the economic march of the government.

Giving an overall review of the government's performance of the past five years, the Minister said the government successfully addressed the challenges of energy shortage, economic turmoil, and terrorism, which gave a boost to the economy.    

Ahsan Iqbal said the government has added 11000 MW of electricity to the national grid during the last four years, which helped overcome the energy crisis. He said till 2025, more investments will be made to generate additional 15000 MW of electricity.

He said 1750 kilometers in motorway has made Pakistan the largest infrastructure economy in South Asia.

Ahsan Iqbal said imports increased due to machinery import in the wake of mega projects undertaken under China-Pakistan Economic Corridor and increase in demand of appliances due to improvement in purchasing power.

Giving figures of growth in different sectors in the outgoing financial year, Prime Minister's Advisor on Finance Miftah Ismail said agriculture sector grew by 3.8 percent, manufacturing 5.8 percent, services 6.4 percent and large scale manufacturing by 6.25 percent. He said current budget deficit is 5.5 percent.

He said inflation rate remained low during the tenure of PML-N government, and at present it stands at 3.8 percent, which is expected to remain under 4.5 percent by the end of current financial year.

The Advisor said FBR revenue is expected to be 3935 billion rupees, which will be 11.1 percent of GDP. He said net public debt was 60.2 percent when the PML-N came to power and it will be 61.4 percent by the end of the current fiscal year. He said external debt was 21.4 percent of GDP and now it will be 20.5 percent. He said exports have also started improving since this year, and in March exports increased by 13 percent.

Minister for Planning and Development Ahsan Iqbal says Pakistan has seen a visible economic turnaround over the last five years due to successful implementation of a comprehensive Programme of economic revival aimed at higher economic growth and macro-economic stability.

He was speaking at the launch of Economic Survey 2017-18 in Islamabad this evening.

The Minster said over the past years, the economy continued to benefit from growth oriented initiatives, including higher development spending, low inflation, vigilant monetary policy and CPEC related investment thus providing impetus for economic recovery.

He said the government achieved 5.8 percent growth rate during the current fiscal year, which is 13 years high on account of strong performance in agriculture, industry and services sectors.

Giving an overall review of the government's performance of the past five years, the Minister said the government successfully addressed the challenges of energy shortage, economic turmoil, and terrorism, which gave a boost to the economy.   

Ahsan Iqbal said the government has added 11000 MW of electricity to the national grid during the last four years, which helped overcome the energy crisis. He said till 2025, more investments will be made to generate additional 15000 MW of electricity.

He said 1750 kilometers in motorway has made Pakistan the largest infrastructure economy in South Asia.

Ahsan Iqbal said imports increased due to machinery import in the wake of mega projects undertaken under China-Pakistan Economic Corridor and increase in demand of appliances due to improvement in purchasing power.

Giving figures of growth in different sectors in the outgoing financial year, Prime Minister's Advisor on Finance Miftah Ismail said agriculture sector grew by 3.8 percent, industrial 5.8 percent, services 6.4 percent and large scale manufacturing by 6.24 percent. He said current budget deficit is 5.5 percent.

He said inflation rate remained low during the tenure of PML-N government, and at present it stands at 3.8 percent, which is expected to remain under 4.5 percent by the end of current financial year, which will be the lowest inflation rate in 13 years.

The Advisor said FBR revenue is expected to be 3935 billion rupees, which will be 11.1 percent of GDP. He said net public debt was 60.2 percent when the PML-N came to power and it will be 61.4 percent by the end of the current fiscal year. He said external debt was 21.4 percent of GDP and now it will be 20.5 percent. He said exports have also started improving since this year, and by March exports increased by 13 percent. He said the Prime Minister package worth 180 billion rupees has helped improve exports.