*ISLAMABAD: *The robust economic growth of 5.8 per cent in Pakistan, thehighest in 13 years, is credited to an uptick in industry, betteragricultural crops and an expanding services sector.
However, with the new government considering policy options to implementits economic and social agenda, twin deficits widened by a rising importbill while higher spending continues to pose a challenge, according to theAsian Development Outlook (ADO) Update 2018.
The update of the Asian Development Bank’s (ADB) flagship annual economicpublication noted that agriculture grew to 3.8 per cent, nearly double thatof a year earlier, boosted by favourable weather and a marked increase infood crops, cotton, and livestock. Industry growth climbed to 5.8 per centfrom 5.4 per cent, underpinned by improvements in wholesale and retailbusinesses, faster expansion in manufacturing and mining, and sharp growthof over 9 per cent in construction.
On the demand side, private consumption in FY2018 slowed slightly from ayear earlier to 6.3 per cent but, with an 81.1 per cent share of grossdomestic product (GDP), remained the largest contributor to growth.