Key highlights of Economic Survey 2020-21

As Pakistan unveiled the Economic Survey 2020-21, the government announced it beat many earlier projections as the economy was able to stage a V-shaped recovery. Here are the salient features of the survey, according to AHL Research.

1. Pakistan's GDP provisionally grew 3.9% during FY21. Growth for FY20 was revised down to -0.47% from -0.38% earlier.

2. For FY21, GDP at current market prices stood at Rs47.7 trillion.

3. Services sector saw a growth of 4.43%, mainly on the back of wholesale and retail trade segment (8.37%), and finance and insurance sector (7.84%).

4. Agriculture sector registered a growth of 2.77%.

5. Wheat witnessed a growth of 8.1%, rice 13.6%, while maize recorded a growth of 7.38%.

6. Sugarcane recorded the second-highest ever production at 22%. On the other hand, cotton witnessed a negative growth of 22.8% resulting in 15.6% decline in cotton ginning.

7. At the end of March 2021, Pakistan’s total public debt stood at Rs38 trillion. The domestic debt amounted to Rs25.6 trillion (up 13.8% YoY) while foreign public debt was Rs12.5 trillion.

8. Average National Consumer Price Index (CPI) stood at 8.83%.

9. Remittances increased by 29% YoY, amounting to $26.7 billion, as per 11MFY21 SBP data.

10. Pakistan’s Foreign Direct Investment (FDI) hit $1.55 billion during 10MFY21, a decline of 32% YoY.

11. Pakistan saw a current account surplus of $773 million in 10MFY21 against a deficit of $4,657 million recorded in the same period last year. During 10MFY21 total imports recorded a growth of 8% YoY to $48,625 million. Exports clocked in at $25,889 million, posting a jump of 6% YoY.

12. Country recorded a trade deficit of $22,736 million compared to a deficit of $20,599 million in 10MFY21, seeing an increase of 11%.

13. Per capita income for FY21 stood at Rs246,414 (+14.6% YoY). In dollar terms, it was $1,543 (+13.4% YoY).