GDP target couldn’t be met, economic survey to be released today

ISLAMABAD: The Economic Survey will be made public later today by the Finance Minister Ishaq Dar, Geo news reported.

The Economic Survey highlights failures in almost all sectors of the economy.

According to the survey, gross domestic product (GDP)growth rate fell short as earlier envisaged growth in industry and agriculture could not be achieved.

GDP growth rate for 2012-13 remained at 3.6 percent as against the target of 4 percent, in agriculture also the target was fixed at 4 percent but it fell short to 3.3 percent.

Wheat, corn and sugarcane crops remained near their targets, but cotton and rice production lagged behind. Livestock sector also could not get near the target of 3.9 percent, as it trailed behind at 3.7 percent.

The Industrial sector growth fell short at 3.7 percent against the target of 4.1 percent. The services sector missed its target of 4.6 percent registering only 3.7 percent.

Savings and investments shrank during the last five years, presently standing at 14.2 percent as against 19.2 percent in 2007-08.

The production of petroleum products rose by 13.47 percent, jet fuel by 0.47 percent, kerosene by 15.51 percent, petrol by 21.9 percent, diesel by 15.7 percent, furnace oil by 19.83 percent, while liquid petroleum gas production surged by 25.7 percent.

According to economic survey, the production of sugar went up by 3.04 percent, paper- board by 3.04 percent, while fertilizer production fell down by 7.84 percent and cement production rose by 6.08 percent.