November 05, 2018 (MLN): Pakistan has taken great steps to improve its economic outcomes in the recent years. As a result, economic growth has continued to increase.
GDP continued to grow above 5 percent in each of the last 2 years reaching 5.79% in FY18. This achievement is noteworthy as it has been accomplished in the face of global head winds.
During FY18, the rise in GDP growth rate was on the back of strong growth in Agriculture, Manufacturing, Industrial and commodity sector.
Agriculture sector recorded a remarkable growth among different sectors of the economy of about 3.8% during FY18 as compared to last year which was about 2.07% as a result of higher yield, attractive output prices, supportive government policies, agriculture credit and availability of certified seeds.
Manufacturing sector during FY18 performed well and recorded a growth of 6.23% as compared to the last fiscal year which was about 5.8%, while Industrial sector witnessed a growth of 5.8% compared to same period last year. This improvement in the performance is attributed to CPEC related projects and favorable law and order situation.
On the other hand, Services sector recorded a slight decline in growth of about 0.03% from 6.46% in FY17 to 6.43% in FY18.
During FY18, Services sector emerged as the major contributor with 60.23% share in GDP, whereas, Agriculture sector contributed around 18.86%, Commodity sector contributed around 39.77%, 13.56% came from Manufacturing sector and 2.91% from Industrial sector.
