ISLAMABAD - The PML-N government has missed the economic growth rate target of 5.5 percent for the consecutive third consecutive year. However, the country, during the outgoing fiscal year 2015-2016, will achieve the GDP growth that will be highest in eight years.

The National Accounts Committee (NAC) on Friday approved the provisional growth rate of 4.7 percent for the outgoing fiscal year 2015-16 against the envisaged target of 5.5 percent.

The International financial institutions like IMF and World Bank had already predicted that Pakistan’s GDP growth would remain at 4.5 percent during the year 2015-2016.

The GDP growth remained below the target due to negative growth (-0.9 percent) in the agriculture sector. The agriculture sector is targeted to grow by 3.9 per cent in 2015/16. However, the production of major crops like wheat, gram and cotton remained below the targets during the outgoing financial year.

In agriculture sector, crops recorded negative growth of 6.25 percent. The production of cotton, rice and maize decreased by 27.8pc,2.7pc, and 0.4pc respectively. However, the production of wheat and sugarcane increased, by 1.6 and 4.2pc respectively. Meanwhile, fishing recorded a growth of 3.25 percent against the target of 3 percent, forestry 8.84 percent as compare to the target of 4 percent, livestock 3.63 percent against the target of 4.1 percent.

The NAC projected that manufacturing sector would surpass the target of 6.4 percent, as it is expected to remain at around 6.8 percent by the end of June 2016. In manufacturing sector, mining and quarrying grew by 6.8 percent against the target of 6 percent. Large scale manufacturing sector recorded growth of 4.61 percent as compared to target of 6 percent and small scale manufacturing sector would grow by 8.21pc against target of 8.3pc during outgoing financial year 2015-2016. The electricity and gas generations and distributions have recorded growth of 12.18 percent and construction sector would record massive growth of 13.1 percent during outgoing financial year.

The services sector would achieve the target of 5.7 percent during present fiscal year. In services sector, wholesale and retail trade recorded growth of 4.57 percent against the target of 5.5 percent. Transport, storage and communication would miss the target of 4.06 percent, as it would record growth of 6.1 percent and finance and insurance will grow by 7.84 percent as compared to the target of 6.5 percent during outgoing fiscal year.

The NAC calculated that GDP at current market prices has also been computed and stands at Rs29, 597 billion for 2015-16. This shows a growth of 7.7% over Rs. 27,493 billion for 2014-15. Pakistan’s population is 193.56 million in outgoing financial year 2015-16, which was 189.87 million last year.