ISLAMABAD: Launching the Economic Survey 2016-17 on Thursday at a press conference, Finance Minister Ishaq Dar said that the Pakistani economy had grown by 5.3%, missing the growth target of 5.7%.

"After almost 10 years, we have exceeded 5% GDP growth. In 2013, we were in the range of 3% growth, and within 4% in the next couple of years. This year, the Pakistani economy has grown by 5.28%, rounded off to 5.3% GDP growth," said the finance minister.

The finance minister said that the Pakistani economy had crossed $300 billion for the first time. He added that the growth target for the next financial year is 6% of the GDP.

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Dar said the agricultural sector had grown by 20%, the services sector by 60%, and industry by 21%.

Breaking down the total GDP growth, the industry contributed 5.02%, agricultural sector added 3.46%, while the services sector contributed 5.98% to the total economic growth, he said.

"We are now targeting growth of six percent next year," he said.

Dar said the Pakistani economy was "understated, according to our estimates and even international experts?". He said this was largely due to a number of factors, including the input-output coefficient methodology being used to determine the economy which needs to be updated.

The minister stated that the per capita income is $1,629, saying it ?will become better as the economy grows.?

The electricity and gas sector grew by 3.4%, large scale manufacturing (LSM) grew by 5.46%, construction grew by 9.05% while cotton production increased by 10.7%, the minister informed.

From a figure of Rs14.3 trillion in 2013, the national debt now stands at Rs20.8 trillion ? less than 60% of the GDP.  

Sharing figures related to the war on terrorism, the minister said ?In June 2014 a decision was taken [to launch operation Zarb-e-Azb].? He termed it a big decision taken by their government in the interest of the country. ?It was delayed by the previous two governments. We accordingly paid the price. For the past several years, as is the case this year, we have been allocating Rs90-100 billion for the rehabilitation, reconstruction, transportation, sustenance allowance and wheat distribution of the temporarily displaced persons.?

Moreover, he apprised that the amount is also used for the raising of 57 wings of the civil armed forces ? which are supposed to take over operations after the withdrawal of army from conflict areas.?