ISLAMABAD: Government have failed to achieve the Gross Domestic Product (GDP) target for the year 2011-12, Pakistan Bureau of Statistics (PBS) told in a briefing on Thursday.
Secretary Statistics Sohail Ahmed while giving a briefing to media told that according the provisional figures Pakistan’s economy grew by 3.2 percent against the target of 4.2 percent set by the government for the year of 2011-12.
The agriculture sector grew by 3.6 percent against 2.4 percent of last year 2010-11, Industrial sector grew at the rate of 3.4 percent against 1.4 percent. According to the numbers released by PBS, downward trend has been recoded in the services sector that stood at 2.1 percent against 4 percent of last year.
Highest growth has been recorded in electricity, gas and water supply that stood at 14.3 percent that shows inflationary impact on the economy. While Finance and insurance services had outstanding negative growth of 11 percent.
According to the revised data GDP and overall economic growth since 2005-06 did not change so much as compared to the old data base. But at the lower level of details the picture of the inner structure of the economy has been repainted.
Agriculture has gain weight, mainly at the cost of the industrial sector. In the new base year 2005-06 the share of agriculture in the GDP went up from 19 to 23 percent while for mining, manufacturing, construction and energy, gas and water supply the rebasing resulted in a lower share in the economy going down from 25 to 21 percent.
The share of services has slightly been enhanced from 49 to 50 percent while overall GDP at market prices for the new base year has slightly decreased by 0.4 percent. The average annual growth rate between 2005-06 and 2010-11 has decreased from 3.7 to 2.9 percent.
The previous base year had been FY 1999-2000. The National Accounts Committee was briefed in detail on the rebasing procedure on Thursday. Secretary Statistics Sohail Bajwa and Arif Cheema, head of the PBS while answering the questions said that best practices have been followed during the whole procedure according to the worldwide standards.
It is pertinent to mention here that government had revised the GDP growth target from 4.2 percent to 3.6 percent due to September floods in Sindh, war on terror and overall energy crises in the country.