ISLAMABAD, April 17: The United Nations has said in a survey report that the gross domestic product of Pakistan has increased by over five per cent because of improvement in the country's economy.

According to a Voice of America report, the UN said in the report issued on Friday that the GDP had increased because of significant bullish trend in economic activities across the country.

It said the tendency of increase in private investment and foreign reserves, constant improvement in some sectors of the economy and healthy business environment played a vital role in economic progress in 2003.

Extraordinary performance shown by the heavy industries improved the economic conditions because 8.7 per cent increase was registered in the sector. The inflation rate declined to three per cent.

The amount received from exports remained at more than $11 billion which was a record.

It said the rupee remained stable against dollar and the foreign reserves reached more than $12 billion.-APP