Real gross domestic product (GDP) is estimated to have grown by 4.7 per cent during current fiscal year, missing a target of 5.5pc as the agriculture sector recorded a negative growth of 0.19pc. Cotton production was the main culprit with 28pc decline while rice and maize contributed to the downfall.

Industrial output and services were the saving grace for the year. Industry posted a growth of 6.8pc, higher than targeted 6.4pc but large-scale manufacturing missed the target of 6pc growth by increasing 4.6pc.

The services sector with 5.71pc growth was just above its target of 5.7pc. Inflation measured by consumer price index stood at 2.82pc in the first 11 months of the year. Foreign exchange reserves touched a record $21.6 billion a week ago.

Published in Dawn, June 3rd, 2016