The Business Report
ISLAMABAD: The government missed all the key economic targets for the current fiscal year where Gross Domestic Product locked at 3.3 percent and was almost halved from the target set at 6.2 percent owing to sharp drop in agriculture production and negative growth heralded at industrial sector.
Economic survey report will be released tomorrow (Monday) and the government is likely to set economic growth target of four percent for 2019-20.
Manufacturing sector slided by 0.3 percent and government may set target of 2 percent for 2019-20 in this sector. LSM has shown negative growth of 2 percent vs targeted 8.1 percent. LSM target for new fiscal year may be set at 2.8 percent
Services sector grew by 4.7 percent and the target set in this sector was 6.5 percent. Services sector is likely to show growth of 4.8 percent in FY2020.
Construction sector showed negative trend and droped by 7.6 percent against 10 percent target. Construction growth target for new fiscal year is likely to set at 1.5 percent by the government.
Agriculture sector grew by 0.8 percent and agriculture sector growth target was set at 3.8 percent but for new fiscal year government may set agriculture sector target at 2.9 percent.
Main commodity recorded a slide of 6.5 percent and main commodities production for 2019-20 may be set at 3.5 percent. Other commodities output increased by 1.5 percent. Target in this sector in 2018-19 was 3.5 percent and for FY20 target is likely to set at 3.5 percent.
Cotton output has decreased by 12.7 percent against 8.9 percent growth target. Cotton may grow by 3.1 percent in FY20.
Livestock has grown by three percent against target of 3.8 percent .Target for Livestock for 2019-20 may be set at 2.5 percent by the government.