ISLAMABAD, June 9 (Xinhua) -- Pakistan's real gross domestic product (GDP) grew 0.29 percent in fiscal year 2022-2023 (July 2022-June 2023) despite challenges from devastating floods, macroeconomic imbalance, and global slowdown dampening economic growth, Pakistan Economic Survey 2022-23 said Thursday.

In unveiling the report a day ahead of a new budget presentation at the National Assembly, Finance Minister Ishaq Dar said that though the target of 5 percent economic growth was missed, the government would take the economy to the path of progress through macroeconomic stability, and a resilient and inclusive growth trajectory in the next fiscal year.

In FY 2022-23, floods engulfed a large part of agricultural land and disrupted the domestic supply, incurring a loss of 46.4 billion U.S. dollars to Pakistan's economy, according to the report.

Meanwhile, the government achieved significant economic gains in terms of improved external and fiscal indicators, and the fiscal deficit was reduced to 4.6 percent of GDP in July-April compared to 4.9 percent recorded a year earlier, while the primary balance was reverted from deficit to surplus, the report said.

During the first eleven months of the outgoing fiscal year, the trade deficit decreased by 40 percent and the current account deficit by 76 percent.

According to the report, the industrial sector posted a negative growth of 2.94 percent in the outgoing fiscal year, while the services sector, which constituted the largest share of GDP at 58 percent for the last several years, recorded a growth of 0.86 percent. Enditem

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