The Economic Survey 2013-14 has been released yesterday here in Islamabd. Pakistan succeeded in attaining 4.14 percent growth in the outgoing fiscal year which is the highest level achievement since 2008-09.
Agriculture is the main source of livelihood for the rural population as well as ensures food availability to rural and urban inhabitants. It is a key sector of the economy as it provides raw materials to main industrial units of the country and also plays a major contribution in export earning of the country. The agriculture sector accounts for 21.0 percent of GDP and absorb 43.7 percent of labour force, the sector has strong backward and forward linkages. The agriculture sector has four sub sectors including: crops, livestock, fisheries and forestry. The performance of this sector in the outgoing fiscal year remained moderate. Agriculture sector recorded a growth of 2.1 percent against the growth of 2.9 percent last year. Important crops such as, wheat, rice, sugar posted a remarkable growth of 3.74 percent as compared to 1.19 percent last year and has compensated the subdued growth in other crops.
Agricultural credit is a vital input for leveraging the financial growth and ultimately leads to economic growth on sustainable basis. In line with the government priorities for development of agrarian economy, State Bank of Pakistan (SBP) has been striving for engaging the food security challenges in wake of various initiatives to support the government’s objectives and goals. During 2013-14 (July-March), the banks have disbursed Rs. 255.7 billion which is 67.3 percent of the annual target of Rs. 380 billion as compared to last year target of Rs. 315.0 billion. The disbursement is 10.7 percent higher than Rs. 231.0 billion disbursed during the corresponding period last year.
Important crops account for 25.24 percent of agricultu ral value addition. This sub-sector has recorded a growth of 3.74 percent compared to a growth of 1.19 percent last year. The important crops includes all major crops like wheat, maize, rice, sugarcane and cotton which registered growth at 4.44 percent, 7.27 percent,22.79 percent, 4.27 percent and 2.00 percent, respectively. Other
Other crops have share of 11.65 percent to value addition in overall agriculture sector. This sub- sector of agriculture has witnessed a growth at 3.53 percent against the growth of 6.05 percent last year. This decline in growth of minor crops was mainly due to 36.8 percent lower production of gram, 7.8 percent less production of Potatoes, 5.1 percent decline in production of masoor and 5.4 percent decrease in other pulses.
Pakistan is one of the leading producers and consumer of cotton in the world market. Ginning is the procedure for separating lint from the seed to cotton. Cotton Ginning has 2.81 percent contribution in agriculture sector. Cotton Ginning has witnessed a growth of (-) 1.33 percent against the growth of (-) 2.90 percent in the previous year due to reduction of the production of cotton as compared to last year.
Livestock is the most significant component of agriculture sector, which contributes 55.91 percent of agriculture value addition. It is a sub-sector of agriculture which is relatively less volatile as compared to other subsectors. Its share in agriculture is more than combined shares of all other subsectors of agriculture and contributes 11.8 percent in GDP. Livestock consists of cattle, buffalos, sheep, goat, camel, horses, asses, mules and poultry and their products. Livestock has registered a growth of 2.88 percent against the growth of 3.99 percent last year.
Source: Ministry of Finance