Economic growth rate stands at 0.3pc against target of 5.01%

Islamabad: The economic growth rate for the current fiscal year was 0.3 percent while the target of the economic growth rate for the current fiscal year was 5.01 percent.

According to details, the economic survey of year 2022-23 is set to be presented tomorrow (Thursday) at 4:00pm. However, the survey stated that Pakistan economy faced damage due to natural disaster like flood. The economic growth was low due to floods and political instability.

Moreover, due to Russia-Ukraine war, an increase in commodity prices was recorded at the global level that led to increase in commodity prices. The inflation rates reached the high record of 29%. The total Gross Domestic Product (GDP) calculated of the current year is Rs84,600 billion.

The growth rate of the agricultural sector was 1.55 percent, while the target of the agricultural sector growth was 3.9 percent. However, in the previous year it was recorded as 4.40%. The growth rate of crops was -2.49%. The growth of major crops was - 3.20 percent, the target was fixed at 3.5 percent.

The growth rate of livestock growth was 3.7 percent, the target rate was 3.7 percent. The growth of fisheries sector was 1.44%, the growth target was 6.1%. The growth rate of the forest sector stood at 3.93 percent, the target growth rate was set at 4.5 percent.

The growth rate of the industrial sector was -2.94 percent, the target growth rate was 5.9 percent. The growth of major industries was -7.98%, the growth target was 7.4%. The growth of small industries was 9.03 percent, the target growth was 8.3 percent.

The growth rate of electricity, gas and water supply was 6.03%, the growth target of these utilities was 3.5%. The growth rate of the construction sector was -5.53%, the target of growth was 4%. Real estate activity growth was 3.72 percent, real estate sector growth target was 3.8 percent.

The growth of information and communication sector was 6.93%, the target was 6%. Education sector growth stood at 10.44 percent against the target of 4.9 percent.