Pakistan’s GDP grew faster than set target according to Pakistan Economic Survey

Pakistan Economic Survey

Finance Minister Miftah Ismail revealed the Pakistan Economic Survey 2021-22 at a press conference, saying that the industrial, agriculture and services sectors had helped the economy rebound and post GDP growth of 5.97% during the first 11 months of the fiscal year (July to May), considerably higher than the target of 4.8%.

Salient features

·      For FY22, provisional GDP growth has been projected at 5.97%.

·      The agriculture sector showed a growth of 4.4% mainly because of 6.6% growth in crops and 3.3% growth in livestock.

·      The industrial sector showed a growth of 7.2% in FY22 against the growth of 7.8% in FY21.

·      The services sector increased by 6.19% during the outgoing fiscal year.

·      LSM (July-March FY22) recorded a growth of 10.4% (while 4.2% last year).

·      Exports (July-May FY22) rose by 27.8% to $ 28.8 billion ($22.6 billion last year).

Read more: Budget FY23 plans to grow economy by 5% and hold down annual inflation to 11.5%

·      Imports (July-May FY22) increased by 44.3% to $72.2 billion ($50 billion last year).

·      The trade deficit (July-May FY22) grew to $43.3 billion (a deficit of $27.4 billion last year) according to Pakistan Economic Survey.

·      Remittances (July-April FY22) rose by 7.6% to $26.1 billion ($24.3 billion last year).

·      FDI (July-April FY22) showed a decline of 1.6 % to $1455.6 million ($1480 million last year).

·      The present account deficit (Jul-Apr FY22), stood at $13.8 billion as compared to $0.5 billion last year.

·      Liquid foreign reserves exchange reserves as of June 2, 2022, held by the country stood at $15.2 billion while they were $23.2 billion last year.

·      Moreover, reserves held by the State Bank of Pakistan held $9.3 billion ($16 billion last year), and commercial banks $6 billion ($7.2 billion last year).

·      Inflation based on the customer price index (Jul-May FY22) grew by 11.3% (8.8% last year).

·      Federal Board of Revenue (FBR) tax collection (Jul-May FY22) rose by 28.4% to Rs5348.2 billion (Rs4164.3 billion last year).

·      The fiscal deficit (July-April FY22) was increased by 4.9% of GDP (Rs3, 275 billion) as compared to 3.6% of GDP (Rs2, 020 billion last year).

·      The primary balance (Jul-April FY22) showed a deficit of Rs890 billion (an increase of Rs159 billion last year).

·      Private sector credit rose to Rs1,312.9 billion from July 1 to April 29, FY22 compared with Rs454.4 billion a year ago.

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