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Pakistan's economy crosses targets to log in 5% growth in first quarter

Published on Feb 28, 2014 9:20 PM
 

KARACHI (AFP) - Pakistan recorded five per cent growth in the first quarter of the current fiscal year, the central bank said on Friday, beating its target and almost doubling the figure for the same period last year.

The State Bank of Pakistan's data for the early months of the financial year began in July 2013, said GDP grew by 5.0 per cent, compared with only 2.9 per cent in the first quarter of the last fiscal year.

Nuclear-armed Pakistan, plagued by a bloody, destabilising Islamist insurgency and chronic power shortages, has struggled to energise its economy in recent years.

Growth has bumped along well below the level experts say is needed to absorb new entrants to the workforce from Pakistan's growing, youthful population.

 
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