The State Bank of Pakistan (SBP) on Friday stuck to its earlier projection of Gross Domestic
Product (GDP) growth of 2 to 3 percent for the current fiscal year (FY11), accounting for the "catastrophic
floods" in August 2010.
"Although the cotton crop and rice were adversely impacted by floods, the impact was not as bad as initially
anticipated. More importantly, there has been an upside to the floods in terms of the increased area under
cultivation for wheat and better recovery from sugarcane", said the second quarterly report of SBP on the
state of Pakistan's economy for FY11, released here Friday.
