Record GDP growth of 5.3% during 2016-17: Cabinet told

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APP49-04 ISLAMABAD: August 04 - Prime Minister Shahid Khaqan Abbasi chairing a meeting of the Federal Cabinet at PM Office. APP

ISLAMABAD, Aug 29 (APP): The Federal Cabinet was informed Tuesday
that the country had achieved a stabilized economy with the gross
domestic product (GDP) witnessed a record growth of 5.3 per cent and
the fiscal deficit reduced by 5.8 per cent of the GDP.
The Secretary Finance briefed the cabinet, chaired by Prime
Minister Shahid Khaqan Abbasi, on the overall economic situation of
the country, including key economic indicators, economic growth
outlook, real sector growth performance, consumer price index, credit situation, fiscal consolidation, tax collection by the FBR, workers’ remittances, foreign direct investment, foreign exchange reserves,
balance of payments, public debt and significant developments in
Pakistan’s economy.
It was apprised that during FY 2016-17 the GDP recorded an
increased growth of 5.3%, large scale manufacturing achieved 5.6%
growth, per capita income increased to US $ 1,629 from US $ 1,334
in FY 2012-13 and remittances rose to US $ 19.3 billion.
The cabinet was informed that the Federal Board of Revenue
(FBR) collected Rs 3,362 billion, fiscal deficit had been reduced
by 5.8% of the GDP, 8,286 new companies were registered, forex
reserves increased to US $ 21.4 billion and FDI witnessed
increase of US $ 2.4 billion in FY 2016-17.
The cabinet appreciated the Finance Minister and the Finance
Division for their tireless efforts, which had resulted in positive
economic turnaround since 2013.
The Prime Minister informed the cabinet that renowned
international rating organizations had recognized upward economic
growth of Pakistan despite internal and external challenges.
The cabinet approved amendments in the Guidelines of Prime
Minister’s Global SDG’s achievement programme and amendments in Rules
of Business, 1973 after reorganization / creation of new federal
ministries and divisions to facilitate and clarify subjects allocated
to them.