Pakistan GDP Growth
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Pakistan GDP growth has been estimated to be 5.8 percent in fiscal year 2008. Pakistan gross domestic product growth rate of 5.8 percent had already been projected by Finance Ministry of Pakistan. GDP growth of Pakistan has been contributed to by growth in various sectors of national economy. There was 5.4 percent growth in manufacturing sector, 4.8 percent growth in large scale manufacturing sector and 1.5 percent growth in agriculture sector. These factors played a major role in ensuring an impressive GDP growth in Pakistan.
Economy survey of Pakistan in 2008 shows that there has been an increase of 56 percent in debt burden, while rate of decline of agricultural growth has been approximately 1.5 percent. GDP growth at Pakistan shows that there has been an increase of 18.4 percent in per capita income and 17 percent growth in finance and insurance sectors of Pakistan economy. Rate of inflation stood at 10.5 percent. Further economic surveys of Pakistan have also revealed that there has been an impressive GDP growth of Pakistan in 2008. There was a net expansion in assets of banking system, which was estimated at PKR 203.1b, to PKR 5155 billion. Pakistan GDP growth is also shown in minimization of poverty headcount in this South Asian nation. There is a growth in credit to private sector as well.
There has been deficit in budget, which amounts to 4.7 percent of GDP. External inflows fell to 82.2 percent. There was financial support in cost of fuel, which was estimated PKR 175 billion. It has been seen that during Pakistan GDP growth, investment falls down to 21.6 percent of GDP. There is even decline in national savings rate, which comes to approximately 13.9 percent.
Economic Survey 2007-08 shows that there was an increase in public debt burden from 55.2 percent of GDP to 56 percent. This was mainly because of huge burden of deficits. This percentage increased for first time in 10 years in fiscal 2008. Pakistan economy has been among fastest growing Asian countries and there was 13.3 percent rise in its debt by March 2008. Value of oil products increased with financial assistance on fuel. Pakistan GDP growth was seen highest in agricultural sector. There was highest production of sugarcane registered in 2008. There was growth in production cotton crop and wheat crop. Finance sector, insurance sector as well as small manufacturing sector has also shown growth in fiscal 2008.
