Pakistan Economy Registers 7% Growth Rate for 4th Consecutive Year

ISLAMABAD: Pakistan economy has shown a robust growth as the country’s Gross Domestic Product (GDP) has registered an average growth rate of 7 percent 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 percent, Industry 6.8 percent and Agriculture sector by 5 percent.

The investment grew by 21.4 percent or 23 percent of the GDP and Foreign Direct Investment (FDI) posted a growth of 71 percent from US $ 3.5 billion to US $ 6.0 billion in 2006-07.

The sources added that Tax collection increased by 18 percent during July-April 2007 and exports increased by 18.3 percent and imports up by 8.9 percent. “Worker remittances increased by 22 percent” they remarked.

They said that pro-poor expenditure is up by 6 percent of the GDP and unemployment reduced to 6.2 percent.

They said that GDP in the financial year 2005-06 grew by 6.6 percent while it registered an estimated growth of 7.02 percent in 2006-07 and keeping in the view of the growth in the economy a GDP target of 7.2 percent has been fixed for the year 2007-08.

Similarly the agriculture grew by 1.6 percent during the year 2005-06 while it grew by 5.0 percent in the current financial year 2006-07 and growth target of 4.8 percent has been fixed for the year 2007-08.

The sources added that Industry has shown a growth of 5 percent 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 percent and an estimated growth of 8.8 percent is expected in the year 2006- 07.

The government, they said has set a growth target of 12.5 percent for LSM for the year 2007-08.

Similarly they said that in the year 2005-06 in service sector a growth of 9.6 percent was achieved and expected a growth of 8.0 percent during the current financial year 2006-07 while a growth target of 7.1 percent 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 percent 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 percent.

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 percent.

The National Savings during the year 1998-99 were at a tune of Rs. 344 billion which were up by Rs. 1572 billion in the year 2006-07 showing an increase of 4.6 percent.

The Revenue collection of Central Board of Revenue (CBR) during the period 1998-99 were only Rs. 309 billion while the collection were increased to Rs. 835 billion during the year 2006-07 showing a growth of 2.7 percent.

The export of the country during the year 1998-99 stood at US $ 7.5 billion while the export stood at US $ 17 billion.

Similarly the imports were registered at US $ 9.6 billion while the imports stood at US $ 27.1 billion in the year 2006-07.

The worker remittances received in the year 1998-99 were at US $ 1.1 billion which increased to US $ 5.5 billion in 2006-07 showing 5 percent growth, they added.

They said that Foreign Direct Investment (FDI) in the year 1998-99 stood at US $ 0.4 billion which were up by US $ 6.0 billion in the year 2006-07, showing an increase of 16 percent.

They said that the poverty measured on head count basis, which was 34.4 percent in the year 2001, came down to 23.9 percent (10 percentage points) in 2005-06.

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