For the upcoming financial year (FY) 2017-18, the economic growth rate has been forecast to reach 6pc on the basis of growth in commodity sector which is predicted at 5.4pc. Agriculture growth has been forecast at 3.5pc for the next FY 2017-18, industrial growth at 7.3pc with 3.5pc growth in mining and quarrying and in manufacturing sector a growth rate of 6.4pc has been forecast.
For the next financial year 2017-18, a current account deficit of $10.4b has been forecast and it has been attributed to a trade deficit of $26.9b projected. Exports have been projected to rise up by 6.3pc and imports are expected to grow by 9.5pc. The forecast net factor income coming in from abroad is expected to be Rs 1.985b in next financial year (FY) and external resources inflows are expected to reach Rs951b.
Service sector is forecasted to grow at 6.4pc for the next FY 2017-18 aided by projected growth of 9.5pc in finance and insurance, 7.2pc in wholesale and retail trade, 5.6pc in transport, storage and communication, 7pc in general government services and 3.9pc in housing services. These macro-economic outlook measures were approved by the Prime Minister in a recent meeting of the National Economic Council (NEC) which had been chaired by him.