Substantial growth reported by Pakistan.(Brief article)

On June 2, 2007, the Pakistan Times (Islamabad), citing government sources, said that for the fiscal year 2006-2007, Pakistan's economy had expanded 7.0 percent. The newspaper said that this was the fourth consecutive year of expansion.

International Monetary Fund (IMF) statistics provide an estimate of Pakistan growth of 6.5 percent for calendar year 2007. The IMF says that 2008 growth will also be 6.5 percent.

The Times said that all sectors of the economy contributed to the growth. Services grew at 8.0 percent, industry grew 6.8 percent, and agriculture grew 5.0 percent.

Tax revenues were up 18 percent from July 2006 through April 2007. Notably, remittances fro Pakistanis working abroad increased 22 percent.

Official statistics show that unemployment in Pakistan was reduced to 6.2 percent, though some estimates are higher because of underemployment. A government estimate of service sector growth for the fiscal year 2007-2008 listed growth at 7.1 percent.

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