Pakistan economy grows beyond targets

Pakistan recorded five percent growth in the first quarter of the current fiscal year, the central bank said Friday, beating its target and almost doubling the figure for the same period last year. The State Bank of Pakistan data for the early months of the financial year began in July, 2013 said GDP grew by 5.0 percent, compared with only 2.9 percent in the first quarter of the last fiscal year. Nuclear-armed Pakistan, plagued by a bloody, destabilizing Islamist insurgency and chronic power shortages, has struggled to energies its economy in recent years. Growth has bumped along well below the level experts say is needed to absorb new entrants to the workforce from Pakistan's growing, youthful population. "Since the macroeconomic indicators were favorable at the start of the year, the increase in real GDP growth in fiscal year 2014 was discernible," the bank said.