Key highlights of the Pakistan Economic Survey 2021-22
- Business Recorder takes a look at important points mentioned
The government unveiled on Thursday the Pakistan Economic Survey 2021-22. Business Recorder presents the key highlights of the document.
GDP growth rate during fiscal year 2021-22 on the new base of 2015-16 stood at 5.97%.
Agriculture sector is estimated to grow at 4.4% in FY22 against 3.48% in FY21. The livestock sector grew at 3.3%, accompanied by forestry and fishing showing growth of 6.13%.
Industry sector expanded at 7.19% in FY22 against 7.81% last year.
The growth of services sector was recorded at 6.19% in FY22 as opposed to 6% in FY21.
Large scale manufacturing witnessed 10.4% growth during 9MFY22 (versus 4.2% during 9MFY21).
Cement production decreased by 8.2% for 9MFY22, while oil sales of the same period saw an increase of 17%.
The size of Pakistan’s economy is expected to amount to Rs66.95 trillion in FY22 compared to Rs55.8 trillion recorded in FY21.
During FY22, the per capita income of country increased to Rs314,353 (equivalent to $1,798).
In dollar terms, the size of the economy reached to $382.8 billion.
Current account deficit was recorded at $13.8 billion in 10MFY22 from $543 million (10MFY21), owing mostly to increased import volumes of commodities as well as increased international prices.
Exports also witnessed growth of 27.6% to reach $26.8 billion for 10MFY22 (compared to $21 billion for 10MFY21). Food group's exports increased by 18.9% year-on-year reaching $3.9 billion during 10MFY22.
The total imports during 10MFY22 clocked at $59.8 billion showing a growth of 39% year-on-year, comprising mainly of petroleum, medicinal products, petroleum crude, LNG, palm oil, plastic materials and iron and steel.
Trade deficit in goods and services widened by 51.5% year-on-year on account of 39% year-on-year increase in imports of goods as well as 34.0% year-on-year increase in imports of services.
Net FDI inflows rose 6.1% to $1.25 billion 9MFY22 as against $1.18 billion last year.
Remittances saw a year-on-year increase of 7.6% to $26.1 billion during 10MFY22, a historic high.
Liquid foreign exchange reserves stood at $16.1 billion while SBP’s reserves amounted to under $10 billion while commercial banks’ reserves at $6.1 billion as of May’22.
Private sector credit witnessed an unprecedented expansion of Rs1,312 billion during 10MFY22.
Annual inflation (CPI) was recorded at 11.3% as opposed to the targeted 8.2%.
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