Pakistan economy crosses USD 300-bn mark for first time


Cash-strapped Pakistan’s economy for the first time crossed the USD 300-billion mark and achieved over five percent GDP growth.
Finance Minister Ishaq Dar today announced that Pakistan’s Gross Domestic Product (GDP) had grown 5.28 per cent in fiscal year 2016-17, against the target of 5.7 per cent.
The finance minister shared the report of National Economy Survey 2016-17 ahead of federal budget which he would present before the parliament tomorrow.
“The 5.28 per cent growth is less than our target but still is huge improvement to the 3.5 per cent when the government took over in 2013,” he said.
“We had set a challenging target and I am satisfied with the growth,” Dar said.
“There has been a visible growth in the national economy. This is the first time in 10 years that we have crossed the five per cent GDP growth mark,” Dar said.
“For the first time, Pakistan’s economy crossed the USD 300-billion mark,” he added.
The industrial sector grew 5.02 percent, agriculture 3.46 per cent and services 5.98 per cent, the finance minister said.
He said the growth rate for the next fiscal year has been set over 6 per cent.
“Pakistan’s growth is far better than the global growth,” he said.
The government also met its budget deficit target of 3.8 per cent, with the actual deficit registering at 3.7 percent.
Proudly sharing the massive recovery of the economy, Dar said by 2030 Pakistan would be part of G20 group of nations.
“By 2050, Pakistan would surpass Canada, Italy and South Korea,” he said.
He also said that by 2019 Pakistan would not need to go the IMF for loans.
He said there was 22 per cent growth in per capita income which has increased from USD 1,333 last year to USD 1629.  PTI