Pakistan's Ministry of Finance published that Annual Economic Survey of Pakistan for the fiscal year of 2018-19 on Monday, a day ahead of the announcement of Federal Finance Bill for the upcoming fiscal year.
According to the official document about Pakistani government's last year's performance on the economic front, the South Asian country's Gross Domestic Product grew by 3.3 percent in the outgoing fiscal year, which is the lowest in the last nine years.
Asif Habib at Topline Securities, a brokerage house in Pakistan, told Xinhua that the country's GDP stood at 5.5 percent during the previous fiscal year and the last six-year average GDP growth was 4.5 percent.
According to the Economic Survey of Pakistan 2018-19, the overall economic growth slowed down amid monetary and fiscal tightening by government and the State Bank of Pakistan to put a lid on rising inflation and ever-increasing import bill, which eventually led to contraction in the aggregate demand or the lower GDP.
Pakistan's per capita income also dropped by 9 percent to 1,497 U.S. dollars in the fiscal year of 2018-19, which was 11 percent more in rupee terms when compared with the last year, largely due to a sharp devaluation of 19 percent in the value of Pakistani rupee against U.S. dollar.
The Economic Survey of Pakistan revealed that manufacturing, services, and agricultural sectors fell short of government's set targets and also from last year and grew at 1.4 percent, 4.7 percent, and 0.8 percent, respectively. Enditem