Economic Survey being launched today

GDP posts a robust 5.97% growth rate; current account deficit tops $13.7 billion

ISLAMABAD:

The most important pre-budget document, the Economic Survey of Pakistan 2021-22, would be launched on Thursday (today), a day before the presentation of the federal budget for the next fiscal year 2022-23 on Friday (tomorrow).

The Economic Survey is expected to present a robust gross domestic product (GDP) growth rate of 5.97%, albeit with a higher current account deficit of over $13.7 billion, and a mixed trend of performance by the key macroeconomic indicators during the outgoing fiscal year.

The document, according to official sources, would be shared with the media at a news conference in Islamabad. On the occasion, an overview of the economic progress made in recent years in Pakistan would also be provided, they added.

According to the sources, the survey would highlight the main features of the policies undertaken by the present government, which were focused on bringing macro-economic stability and putting the economy on growth trajectory.

The Economic Survey covers the development of all the important sectors of the economy, including growth and investment, agriculture, manufacturing, mining, fiscal development, money and credit, capital markets, inflation, debt and liabilities.

Most of the targets set for the outgoing fiscal year 2021-22 seemed to be achieved or even surpassed, as the macroeconomic indicators had showed good performance during the year,” the sources said, adding however that performance of some sectors such as balance of payment, foreign direct investment and fiscal deficit remained below average.

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According to the Planning Commission’s estimations made in the 105th meeting of National Accounts Committee (NAC), the provisional GDP growth rate for the year 2021-22 had been estimated at 5.97%, with a broad-based growth in all the sectors of the economy.

The growth of agricultural, industrial and services sectors will be 4.4%, 7.19% and 6.19% respectively. The growth of important crops is 7.24%. The growth in production of cotton, rice, sugarcane and maize are estimated at 17.9%, 10.7%, 9.4% and 19.0% respectively.

The services sector also showed a growth of 6.19%. Wholesale and retail trade industry grew by 10.04%. It is dependent on the output of agriculture, manufacturing and imports. Further, the volume of the economy in terms of US dollar in 2021-22 stood at $383 billion.

The government would present its first federal budget on Friday (tomorrow) in the National Assembly, with special focus on fiscal management, revenue mobilisation, measures for economic stabilisation and growth, reduction in non-development expenditures; boosting exports besides providing relief to the masses.