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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Pakistan GDP growth seen at 2 pct in 08/09 -govt official Reuters - Friday, June 12 ISLAMABAD, June 11 - Pakistan's gross domestic product growth is expected to fall to about 2 percent in the current fiscal year to June, due in part to contraction in manufacturing, a Finance Ministry official said on Thursday. ADVERTISEMENT Pakistan has struggled to keep its economy afloat over the past year and in November agreed to an International Monetary Fund emergency loan package of $7.6 billion to avert a balance of payment crisis. As the government has tried to consolidate the economy, the real cost has been that GDP growth has suffered, said Shaukat Tarin, adviser to prime minister on finance. "The real growth of GDP has been estimated at around 2 percent ," Tarin told a news briefing, unveiling his ministry's 2008/09 Economic Survey ahead of a new budget for the next fiscal year to be announced on Saturday. The government had set a target of 5.5 percent GDP growth for the fiscal year ending on June 30, after having achieved a revised 4.1 growth the previous year. Output in the industrial sector contracted by 3.3 percent this fiscal year as compared with an expansion of 4.8 percent the previous fiscal year, and against a target of 6.1 percent this year, Tarin said. Large-scale manufacturing was estimated to have contracted by 7.7 percent against an expansion of 4 percent the previous year, he said. The agriculture sector had been a bright spot, growing by 4.7 percent this fiscal year compared with 1.1 percent the previous year and a target of 3.5 percent for this year. Major crops, which account for up to 34 percent of agricultural value, posted growth of 7.7 percent compared with a negative growth of 6.4 percent last year, he said. Pakistan's economy hit troubled water last year after foreign exchange reserves began to shrink, mainly on account of high international commodity and oil prices. Rising commodity prices and a government decision to phase out subsidies pushed inflation to a record high of 25.3 percent in August. Inflation, measured by the consumer price index, was 14.39 percent in May, its slowest pace for 14 months, raising hopes that the central bank will cut interest rates to help the economy out of a virtual recession. The government expects average inflation this fiscal year to be close to 21 percent. The bank is due to review monetary policy in July for the quarter ending on Sept. 30 and analysts expect a cut in its key interest rate, which it cut by 100 basis points to 14 percent in April, in order to boost economic growth. The central bank last week raised its 2008/09 average inflation forecast to between 20.5 percent and 21.5 percent from an earlier estimate of between 19.5 and 20.5 percent. Analysts say Pakistan's low growth is tantamount to recession with annual population growth of more than 2 percent, and more than a third of its 160 million people living in poverty. (Reporting by Sahar Ahmed; Writing by Augustine Anthony; Editing by Toby Chopra) Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: Business WRAPUP 1-Chinese investment surges, offsetting export fallReuters - Thursday, June 11 Chinalco blames Rio, not AustraliaReuters - Friday, June 12 Turkey's Tekfen signs $225 mln deal in EmiratesReuters - Thursday, June 11 JGBs follow Treasury drop, 5-year offer well receivedReuters - Thursday, June 11 India Hot Stocks: Everest Kanto adds gains on NSE block dealReuters - Thursday, June 11 Most Popular – Business Viewed Ramsay eats humble pie after mum scolds him Dumped mattress lands cash in trash in Israel Carradine may have died from sex act: Thai police German retail giant goes bust, 43,000 jobs at risk Earth-Venus smash-up possible in 3.5 billion years: study View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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