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Business & Finance

Key highlights of the Pakistan Economic Survey 2022-23

  • Business Recorder takes a look at important points during a year of flood devastation, uncertain IMF programme and massive political turmoil
Published June 8, 2023

Finance Minister Ishaq Dar unveiled the Pakistan Economic Survey 2022-23 on Thursday, recapping a year of massive economic distress in the country. Business Recorder presents major highlights of the document.

  • Pakistan’s gross domestic product (GDP) grew by 0.29% to Rs84.7 trillion

  • Agriculture sector posted growth of 1.55% in FY23, led mainly by improvement in wheat, sugarcane and maize and livestock

  • Industrial growth contracted to 2.94% in fiscal year 2022-23 against growth of 6.83% in 2021-22

  • Services sector witnessed meagre growth of 0.86% in the ongoing fiscal year compared to 6.59% in last fiscal year

  • Headline inflation averaged 29.2% during July-May FY23 (average of 28.2% during July-April) against 11.3% in the same period last year

  • Per capita income fell from $1,765 in fiscal year 2021-22 to $1,568 in 2022-23

  • Investment-to-GDP ratio stood declined to 13.6% in FY23 from 15.6% in FY22 mainly

  • Cotton production declined by 41% to 4.91 million bales

  • Rice production declined to 7.32 million tonnes from 9.32 million tonnes

  • Wheat production was recorded at 27.63 million tonnes compared to 26.21 million tonnes last year

  • Fiscal deficit reduced to 4.6% of GDP (Rs3,929.3 billion) during July-April 2022-23 against 4.9% (Rs3,275.2 billion) in same period of last year

  • Total revenues increased by 18.1% to Rs6,938.2 billion (8.2% of GDP) in July-March 2022-23

  • Tax revenues grew by 16.5% on the back of a significant rise in FBR tax collection

  • Non-tax revenues grew by 25.5% to Rs1.32 trillion during July-March FY23

  • Total expenditures grew by 18.7% to Rs10 trillion in Jul-Mar FY2023

  • Current expenditures grew by 25.3% to Rs9.24 trillion during July-March FY23

  • Bank deposits increased by Rs683 billion during from July 1, 2022 to May 12, 2023

  • Current account narrowed down by 76.1% and recorded deficit of $3.3 billion during Jul-Apr FY23

  • Workers’ remittances registered a decrease of 13% at $22.7 billion during July-April 2022-23

  • SBP’s foreign exchange reserves declined to $4.5 billion by end of April 2023 mainly on account of amortization of official loans and liabilities during this fiscal year

  • Total public debt stood at Rs59.25 trillion by end-March 2023

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Tulukan Mairandi Jun 08, 2023 10:43pm
The country is doomed to default and for famine. While these numbers are not surprising, What's surprising is the establishment is actively supporting this failed regime. In the run up to these disastrous numbers (reality is much worse actually as these are made up numbers), PTI was deliberately crushed..
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