Economic Survey 2015-16: Off target, once again

A day before announcing the budget, the government highlights its achievements in the past year

News Desk June 02, 2016
A day before announcing the budget, the government highlights its achievements in the past year. PHOTO: AFP

A day before announcing the budget for fiscal year 2016-2017, the government on Thursday revealed the Economic Survey 2015-16 to highlight its achievements in the past year.

While the government achieved several milestones, it also missed some important economic targets.

Economic Survey 2014-15: Ishaq Dar touts economic growth amidst missed targets

Finance Minister Ishaq Dar said, "According to provisional estimates the GDP growth during 2015-16 remained at 4.71 per cent,” reading the survey, said at a televised press conference."


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Click the image below for our special report on the PML-N's performance in the past 3 years: 

The government missed the most important economic target – GDP growth, which was set at 5.1 per cent. However, targets in industrial and service sectors remained stable.

"There has been an ongoing war on terror that has taken priority," said the finance minister. "We are definitely equipped to hold a census and we will have it done soon. It is a priority."

War on terror expenses have risen to over $118 billion, adds Dar.

Since 9/11, Pakistan lost $118.3b to terror

Terrorism, fuelled by cross-border and foreign sponsorships, has driven up losses for Pakistan to $118.3 billion since 2001, the minister said.


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Industrial sector records growth at 6.8%

Industrial sector recorded growth at 6.8% as compared to 4.8% last year.

The target for the industrial sector was set at 6.4%.

Industrial sector expands 6.8%, beats target

The industrial sector has beaten the 6.4% growth target for fiscal year 2015-16, with an expansion of 6.8%, reveals the Pakistan Economic Survey 2015-16.


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Heavy industries: LSM picks up pace with 4.7% growth

Large-scale manufacturing (LSM) – which constitutes 80% of Pakistan’s manufacturing sector – picked up momentum and posted a 4.7% growth in the first nine months (Jul-Mar) of outgoing fiscal year 2015-16 compared to 2.81% in the same period last year, according to the Pakistan Economic Survey 2015-16.


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Tax exemptions cost Pakistan Rs394.5b

Tax exemptions continued to be a thorn in the government’s rosy image as the latest figures revealed that Pakistan sustained a loss of Rs394.5 billion in the outgoing fiscal year.


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Services witnesses growth rate of 5.7%

The Services sector has witnessed a growth rate of 5.7% as compared to 4.37%  last year.

Rs1.67tr budget approved for fiscal year 2016-17

Agriculture sector shows decline

The target was evidently missed in the agriculture sector.

“The agriculture growth stood at -0.19% in 2015-16, as compared to 2.5% during the last year. The target was set at 3.9%.

Reflecting on why agriculture growth missed its target by a large margin, Dar pinned the hit on the decline in cotton production, adding that a subsidy package for the sector would be announced.

The minister further said that wheat production increased from 25.08 million tons to 25.48 ml tons.

Agriculture pulls down GDP growth

Casting a dark shadow on an otherwise positive economic survey, the performance of the agricultural sector left a depressing effect on Pakistan’s GDP growth for the outgoing fiscal year.


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Fiscal deficit

Fiscal deficit during the nine-month period has remained 3.4 per cent as opposed to 3.8 per cent of the corresponding period last year.


Commenting on the fall of exports, which have gone down to $18.18 billion (10MFY16), Dar said the quantity had gone up overall. However, the decrease in commodity and oil prices have meant the return has been low.

Inflation expected to remain below 3%

As the financial year draws to a close on June 30, inflation will remain around 3% – far below the anticipated rate owing to reduced commodity prices.

Dar said the rupee also remained stable against the US dollar, helping to curtail the inflationary expectations.

Telecom sector sees $557.3m investment

Cellular mobile operators invested $557.3 million to upgrade their 3G/4G broadband networks in the first nine months (July 2015 to March 2016) of the outgoing fiscal year, but revenues continued to decline, according to the Economic Survey 2015-16.


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One-third of population lives below poverty line

Poverty ratio dropped to 29.5 percent in the country in 2013-14, plunging from 64.3 percent in 2001 and despite changing the calculation methodology, the poverty showed a declining trend, said Finance Minister Ishaq Dar while launching the Economic Survey.


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K-Electric’s output continues to decline

The agriculture sector may have taken some shine off GDP, but the energy sector contributed its fair share as around 12.18% growth came from real value-addition in electricity generation, distribution and gas distribution.


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‘Relatively exceptional’ performance of KSE-100 Index

A year-on-year increase of less than 0.2% in the market capitalisation of a bourse over 11 months can be called anything but exceptional.


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Healthcare continues downward slide

Overall health sector remains to be the lowest priority of the federal government. Most health indicators in the economic survey released on Thursday showed downward slide.


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lahore | 5 years ago | Reply HA HA HA NOW indians would tell US how to improve the economy and come out of poverty....LLLLOLLLLLLL HHAHAHAHAHAH
lahore | 5 years ago | Reply mr. revenge as your name expresses that you are a pessimist, and before telling us that PAK is a failed state...................................please bread your 50 million population under poverty line that sleep on roads, treat your 20.45 million population having just one time meal....and what is the credibility of bullshitt IMF and like these institutions which have their own world dont teach us,,,we know wat v r and where v have to move forward ...your crippling economy is a slap on your face that is why u all are carried away by CPEC project vand boggled down to IRAN..this is your mean thinking. KALBHOSHAN YADIV exm is true reflect of your chankya mentality.
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