The Federal Finance Minister Ishaq Dar Thursday (today) while announcing the Economic survey 2015-16 stated that Pakistan missed its gross domestic product (GDP) growth target as the growth has been assessed at 4.71 per cent of the GDP against the budgetary GDP growth target of 5.1 per cent.
Finance Minister Ishaq Dar said, “According to provisional estimates the GDP growth during 2015-16 remained at 4.71 per cent,” reading the survey, said at a televised press conference.”
The Services sector has witnessed a growth rate of 5.7% as compared to 4.37% last year.
The Industrial sector recorded growth at 6.8% as compared to 4.8% last year.
The agriculture growth stood at -0.19% in 2015-16, as compared to 2.5% during the last year. The target was set at 3.9%.
Although the PML-N government has set an ambitious target of 7pc GDP growth by tenure end, the economy has consistently missed the growth target.
The government managed to restrict balance of payment on the back of lower oil prices in the international market.
The current account deficit this year is 0.6pc compared to 0.8pc last year.
This apparent stability in the balance of payments is on account of remittances and low oil prices, which have resulted in higher savings.
But despite that, the trade balance has worsened with exports declining across all sectors and imports – other than food and energy – have increased.
Tax-to-GDP ratio for the fiscal year came in at 8.4pc, which the government plans to push up to 12.5pc next year.