Per capita income rises, touches Rs180,204 for FY 2017-18

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ISLAMABAD: Pakistan’s economy is said to have achieved its highest economic growth rate at 5.79 percent, the highest in eleven years, proclaimed the government on Monday.

A meeting of National Accounts Committee (NAC) held on Monday found out that fifteen out of 20 key growth indicators were said to have met projections, but the number isn’t still final as closing data for the financial year 2017-18 gets finalized, reported Dawn.

The per capita income was determined to be Rs180,204 for the financial year 2017-18 compared against Rs162,1230 reached for FY 2016-18 which was reached from provisional data during population census carried out in March 2017.

The agriculture sector is said to have posted growth of 3.81 percent, surpassing the projected figure of 3.5 percent set by the government for FY 2017-18.

Also, major crops registered a growth of 3.57 percent compared to the projection of 2 percent. Cotton production during this period was projected to have risen 11.8 percent, rice 8.7 percent and sugarcane 7.4 percent.

And livestock posted a growth rate of 3.76 percent against the projected target of 3.8 percent, the following was the fishery sector which registered growth of 1.6 percent this financial year compared to 1.7 percent in previous year.

Forestry posted 7.17 percent growth during this year against forecast target of 10 percent.

In the industrial segment, a growth rate of 5.8 percent was reached against the projected target of 7.3 percent set for FY 2017-18.

Mining and quarrying segment registered expansion of 3.04 percent compared to a projection of 3.5 percent.

Manufacturing posted expansion of 6.13 percent compared to a projection of 6.4 percent, which was 5.82 percent in last financial year.

Large-scale manufacturing almost hit its projected target growth rate of 6.3 percent, posting 6.13 expansion during FY 2017-18, said the government.

The small-scale manufacturing segment posted growth of 6.13 percent, missing its projected target by 2.07 percent which was set at 8.2 percent for the period.

Slaughtering registered an expansion of 8.18 percent against the projected rate of 3.7 percent.

This expansion was aided by tractors 44.7 percent, petroleum products 10.26 percent, trucks 24.41 percent and cement 12 percent.

Construction sector expansion was recorded at 9.13 percent against projected rate of 12.1 percent for the outgoing financial year.

Electricity and gas supply also posted a growth of 1.84 percent compared to a target of 12.5 percent.

And the services sector posted expansion of 6.43 percent during FY 2017-18 against the bar of 6.4 percent.

Retail, wholesale trade sector posted a growth of 7.51 percent compared to a projected rate of 7.2 percent. It remains contingent on agricultural output and imports/manufacturing. Imports rose by 17 percent; agriculture 3.81 percent and manufacturing rose 5.80 percent respectively.

Housing services posted an expansion of 4 percent against the target of 3.9 percent, finance and insurance rose 6.13 percent but missed the target of 9.5 percent set by the government.

Communication, transport and storage posted growth of 3.58 percent, missing its target of 5.1 percent.