As per some salient features of the Economic Survey, which is set to be released tomorrow, the country’s economic growth stood at 0.29% in the ongoing financial year against the target of 5%.
According to the report, the target for the agriculture sector was set at 3.9%, however the growth stood at 1.55%.
The target for major crops was 3.5%, though their performance recorded -3.20% growth. The target for cotton was 6%, which recorded a -23.1% performance.
The target for the livestock sector was 3.7%, and its yield remained 3.78%; that of the fisheries sector was 6.1%, and its performance recorded 1.44% growth; forest sector target was 4.5%, and its performance remained 3.93%.
The target for the industrial sector was 5.9%, but it recorded a -2.94% performance. Major industries performed at -7.98% against the target of 7.4%; the target for electricity, gas, water supply was 3.5%, and they showed an efficiency of 6%.
The target for the construction sector was 4%, and it recorded a performance of -5.53%; the services sector’s target was 5.1%, while its performance remained 0.86%. The wholesale/retail sector target was 6.5%, while its performance remained -4.46%.
The transport sector showed a growth performance of 4.73% against a target of 4.5%. The target for the real estate sector was set at 3.8%, while it recorded a performance of 3.72%. The performance of the public administration sector was recorded at -7.76% against a 4% target.
The growth target of the education sector was 4.9%, and it recorded a performance of 10.44%. The target for the health sector was 3%, and its growth was recorded at 8.49%.
According to the salient features of the Economic Survey, the country’s economy faced natural disasters like floods during the ongoing financial year. Political instability also affected the economy, while the Russia-Ukraine war resulted in a hike in global commodity prices.
This led to an increase in the inflation rate. The inflation rate reached 29% during July-March, as per the report.
The volume of the GDP in the current fiscal year stood at more than $84,600 billion.
During the current financial year, the export target also could not be achieved. From July-May this financial year, the amount of exports was recorded at $25.36 billion.
The size of the country’s economy shrank to $341.50 billion, the Economic Survey states. This financial year, the GDP saw a decrease of $34 billion as compared to the last year.
