11% growth in Pakistan’s construction sector

The construction industry in Pakistan witnessed 11.31% y/y growth in the current fiscal year on the back of increased government spending, while the country’s GDP surpassed projected estimates, rising by approximately 4.14%.

Ishaq Dar, Finance Minister, told local news sources that the country was on track in terms of achieving its GDP growth targets. Officials had hoped for 4%+ growth in the first fiscal year (FY14) and are forecasting 5% growth in FY15 and 6% growth in FY16.

The contribution of individual sectors to overall GDP growth rate was estimated at a recent National Accounts Committee (NAC) meeting, chaired by Asif Bajwa, Chief Statistician. The agriculture sector witnessed 2.12% growth (against a projected target of 3.8%); the industrial sector saw 5.84% growth (against a projected target of 4.8%); and the service sector grew by 4.29% (against a projected target of 4.26%) for the current fiscal year (FY14).

The construction sector grew by 11.31% in FY14 due to increased government investments (50% increase), surpassing revised estimates of -1.68% growth in the previous fiscal year.

Edited from various sources by Rosalie Starling

Read the article online at: https://www.worldcement.com/asia-pacific-rim/16052014/11_precent_growth_in_pakistans_construction_sector_211/