Pakistan’s GDP to show negative growth of 0.38% after 68 years

MG News | May 18, 2020 at 04:48 PM GMT+05:00

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May 18, 2020 (MLN): Pakistan’s Gross Domestic Product (GDP) during the ongoing fiscal year (FY20) is expected to show negative growth of 0.38% after 68 years.

This suggests that FY20 is going to be the first fiscal year after 1952 to record negative growth as GDP in this year showed a growth of -1.81%.

Before pandemic, the growth forecast of GDP for FY20 was at 4%.

To recall, in FY19 and FY18, GDP growth amounted to 1.91% and 5.53% respectively.

Services sector is expected to show minus 0.59% performance and Industry to show negative growth of 2.64% against the growth of 4.8% and 2% forecasted earlier for Services and Industrial sector respectively.

On the other hand, Agriculture sector is likely to post a growth of 2.67 percent during the current fiscal year against the previous growth forecast of 2.9%.

During the previous fiscal year (FY19), Services sector and Agriculture sector showed a growth of 3.75% and 0.58% respectively, while Industrial sector showed a negative growth of 2.27 percent in 2018-19.

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