ISLAMABAD - Pakistan has achieved a decade highest growth of 5.8 percent during outgoing fiscal year (FY2018) - slightly lesser then the government's target of 6 percent.

The PML-N government had set 6 percent growth for the current fiscal year. However, the government had missed the economic growth target for the consecutive fifth year during FY2018.

The National Accounts Committee (NAC) on Monday calculated Pakistan's economic growth at 5.8 percent. The International Monetary Fund (IMF) had already estimated Pakistan's GDP growth at 5.6 percent for FY2018 due to continued implementation of CPEC, operationalization of new power generation capacity, sustained recovery of agriculture, and strong consumption growth.

The meeting of the NAC meeting to review the Gross Domestic Product (GDP) was held in the conference room of Pakistan Bureau of Statistics (PBS).

The Statistics Division secretary chaired the meeting. Provisional estimates for the year 2017-18 for GDP and Gross Fixed Capital Formation (GFCF) have been prepared on the basis of the latest data available for six to eight months and projected for the whole year.

The NAC noted that the agricultural, industrial and services sectors had registered healthy growths during current financial year. The growth of the agricultural, industrial and services sectors is 3.81 percent, 5.80 percent and 6.43 percent respectively during FY2018.

Agriculture sector

The agriculture sector growth has recorded at 3.8 percent during FY2018 as against the target of 3.5 percent. In the sector, crops recorded growth of 3.83 percent. The growth in production of three important crops namely rice, sugarcane and cotton is estimated at 8.7 percent, 7.4 percent, and 11.8 percent respectively.

Decline in production has been estimated in wheat and maize at 4.4 percent and 7.1 percent respectively. Fishing recorded a growth of 1.63 percent against the target of 1.7 percent, forestry 7.17 percent as compare to the target of 10 percent, livestock 3.76 percent against the target of 3.8 percent.

Industrial Sector

The NAC projected that industrial sector would miss the target of 7.3 percent, as it is expected to remain at around 5.8 percent during ongoing financial year.

In the sector, mining and quarrying grew by 3.04 percent. Large scale manufacturing sector recorded growth of 6.13 percent as compared to target of 6.3 percent and small scale manufacturing sector would grow by 8.18pc against target of 8.2pc during ongoing financial year 2017-2018.

The electricity and gas generations and distributions have recorded growth of 1.84 percent and construction sector would record massive growth of 12.05 percent during ongoing financial year.

Services sector

The services sector has achieve the target of 5.4 percent during present fiscal year. In services sector, wholesale and retail trade recorded growth of 7.51 percent against the target of 7.2 percent. Transport, storage and communication would miss the target of 5.1 percent, as it would record growth of 3.58 percent and finance and insurance will grow by 6.13 percent as compared to the target of 9.5 percent during outgoing fiscal year.

GDP at current market prices

GDP at current market prices has also been computed and stands at Rs. 34,396 billion for 2017-18. This shows a growth of 7.6 percent over Rs31,963 billion for 2016-17. The per capita income calculates to Rs180,204 for 2017-18. However, per capita income during 2016-17 is Rs162230 based on provisional figures of Population Census 2017 held in March 2017 i.e. Rs207,774,520. The revised series of per capita income will be compiled after finalization of 6th Housing and Population Census result.