Pak economy registers 7pc growth for fourth consecutive year
Sunday, 3 June 2007
ISLAMABAD, June 2 (APP): Pakistan economy has shown a robust growth as the country's gross domestic product (GDP) has registered an average growth rate of 7 per cent for the fourth consecutive year.
Official sources highlighting the performance of economy during 2006-07 said that the per capita income in the year increased to US $ 926 or Rs. 56,121.
They attributed the excellent performance of the economy in all the sectors to prudent economic policies initiated by the government and consistency and continuity in the policies.
They said that during the year the services sector grew by 8 per cent, industry 6.8 per cent and agriculture sector by 5 per cent.
The investment grew by 21.4 per cent or 23 per cent of the GDP and foreign direct investment (FDI) posted a growth of 71 per cent from US $ 3.5 billion to US $ 6.0 billion in 2006-07.
The sources added that tax collection increased by 18 per cent during July-April 2007 and exports increased by 18.3 per cent and imports up by 8.9 per cent.
"Worker remittances increased by 22 per cent" they remarked.
They said that pro-poor expenditure is up by 6 per cent of the GDP and unemployment reduced to 6.2 per cent.
They said that GDP in the financial year 2005-06 grew by 6.6 per cent while it registered an estimated growth of 7.02 per cent in 2006-07 and keeping in the view of the growth in the economy a GDP target of 7.2 per cent has been fixed for the year 2007-08.
Similarly the agriculture grew by 1.6 per cent during the year 2005-06 while it grew by 5.0 per cent in the current financial year 2006-07 and growth target of 4.8 per cent has been fixed for the year 2007-08.
The sources added that industry has shown a growth of 5 per cent in the year 2005-06 and an estimated growth of 6.8 is expected during the current financial year 2006-07 while a growth target of 9.4 has been fixed for the financial year 2007-08.
They added that large scale manufacturing (LSM) posted a growth of 10.7 per cent and an estimated growth of 8.8 per cent is expected in the year 2006-07.
The government, they said has set a growth target of 12.5 per cent for LSM for the year 2007-08.
Similarly they said that in the year 2005-06 in service sector a growth of 9.6 per cent was achieved and expected a growth of 8.0 per cent during the current financial year 2006-07 while a growth target of 7.1 per cent has been set for the sector in the year 2007-08.
Highlighting the performance of the economy during 1999-2007, the sources added that in the 1998-99 the GDP of the country was at Rs.2938 billion and it increased to Rs.8716 billion in 2006-07 showing a 3 per cent increase in the GDP.
Similarly, gross national product (GNP) per capita in dollars in 1998-99 was US $ 438 which increased to 926 in the year 2006-07 showing an increase of 2.1 per cent.
The investment during the year 1998-99 were Rs.409 billion which were up by Rs. 2004 billion in the year 2006-07 showing an increase of 4.9 per cent.
Official sources highlighting the performance of economy during 2006-07 said that the per capita income in the year increased to US $ 926 or Rs. 56,121.
They attributed the excellent performance of the economy in all the sectors to prudent economic policies initiated by the government and consistency and continuity in the policies.
They said that during the year the services sector grew by 8 per cent, industry 6.8 per cent and agriculture sector by 5 per cent.
The investment grew by 21.4 per cent or 23 per cent of the GDP and foreign direct investment (FDI) posted a growth of 71 per cent from US $ 3.5 billion to US $ 6.0 billion in 2006-07.
The sources added that tax collection increased by 18 per cent during July-April 2007 and exports increased by 18.3 per cent and imports up by 8.9 per cent.
"Worker remittances increased by 22 per cent" they remarked.
They said that pro-poor expenditure is up by 6 per cent of the GDP and unemployment reduced to 6.2 per cent.
They said that GDP in the financial year 2005-06 grew by 6.6 per cent while it registered an estimated growth of 7.02 per cent in 2006-07 and keeping in the view of the growth in the economy a GDP target of 7.2 per cent has been fixed for the year 2007-08.
Similarly the agriculture grew by 1.6 per cent during the year 2005-06 while it grew by 5.0 per cent in the current financial year 2006-07 and growth target of 4.8 per cent has been fixed for the year 2007-08.
The sources added that industry has shown a growth of 5 per cent in the year 2005-06 and an estimated growth of 6.8 is expected during the current financial year 2006-07 while a growth target of 9.4 has been fixed for the financial year 2007-08.
They added that large scale manufacturing (LSM) posted a growth of 10.7 per cent and an estimated growth of 8.8 per cent is expected in the year 2006-07.
The government, they said has set a growth target of 12.5 per cent for LSM for the year 2007-08.
Similarly they said that in the year 2005-06 in service sector a growth of 9.6 per cent was achieved and expected a growth of 8.0 per cent during the current financial year 2006-07 while a growth target of 7.1 per cent has been set for the sector in the year 2007-08.
Highlighting the performance of the economy during 1999-2007, the sources added that in the 1998-99 the GDP of the country was at Rs.2938 billion and it increased to Rs.8716 billion in 2006-07 showing a 3 per cent increase in the GDP.
Similarly, gross national product (GNP) per capita in dollars in 1998-99 was US $ 438 which increased to 926 in the year 2006-07 showing an increase of 2.1 per cent.
The investment during the year 1998-99 were Rs.409 billion which were up by Rs. 2004 billion in the year 2006-07 showing an increase of 4.9 per cent.