Islamabad, Feb 27 (IANS): The economy of Pakistan grew at an average rate of 2.9 percent per annum during the last five years, the country's Federal Board of Revenue (FBR) said in a report.

However, GDP grew at 3.6 percent during 2012-13 financial year, against the fixed target of 4.3 percent, the Daily Times reported Thursday citing the report.

Sectors such as agriculture, manufacturing and services remained below their capacity.

The recent European Union (EU) approval of duty waiver in the form of awarding GSP PLUS status (Generalized System of Preferences Plus) brought some positivity to the economy of the country.

The energy crisis in the country has worsened over the years, the report said.

Security hazards, economic and social environment, the problem of terrorism, extensive financial constraints and economic mismanagement have affected the country's economy.

The report also said that around two percent of the GDP has been washed away due to power shortage.