ISLAMABAD: The economic growth rate of Pakistan in the last year of the Pakistan Tehreek-i-Insaf government grew exponentially to 6 per cent, the highest in the past four years. Subsequently, the economy size grew to $383 billion, and an increase in the per-capita income was also recorded.
The economic growth rate of 6pc beats the target of the set 4.8pc and is greater than the estimated value by the Asian Bank, World Bank, International Monetary Fund, State Bank of Pakistan, and Ministry of Finance.
According to National Accounts Committee, during the years 2021-22, the provisional Gross Domestic Product (GDP) is expected to reach 5.97pc. It added that all sectors witnessed broad-based growth. However, the results are provisional and may vary at the closing of the current fiscal year.
Despite both PTI and PML-N governments failing to tackle the structural problems of the economy, the last two years of the PTI government delivered a better economic growth rate compared to PML-N’s concluding years.
Regarding the agriculture sector, the overall growth has been better than last year as it stood at 7.24pc. Cotton production is estimated at 17.9pc, rice at 10.7pc, sugarcane at 9.4pc, and maize at 19pc. Slightly better performance was seen in the services sector after a growth of 6.2pc. But the Retail Trade industry showed relatively low performance than last year, recording a growth of 10pc.