Economic Survey 2022-23: Pakistan’s performance explained through graphs

The government of Pakistan presented the Economic Survey 2022-23 on Thursday. Business Recorder summarises the document through graphs.

The main indicator of any economy, the GDP growth rate, stood at a meagre 0.29%. This number stood at 6.1% in the previous fiscal year and the government had targeted to achieve 5%.

The agriculture sector, often termed the backbone of Pakistan’s economy, reported 1.6% growth against a target of 3.9%. This sector expanded 4.3% in fiscal year 2021-22. Unprecedented floods were cited as a reason behind the performance.

The industrial sector endured a lethal dent from the economic crisis as it contracted 2.94% compared to target of 7.4% growth. Last year, industries grew 6.83%.

The services industry reported a meagre growth of 0.9% against its target of 4% expansion.

Pakistan’s investment-to-GDP ratio dived to 13.6% in fiscal year 2022-23 from 15.7% in previous fiscal year. However, the savings-to-GDP ratio rose from 11.1% to 12.6% in the period under review, mainly due to higher interest rates.

The tax-to-GDP ratio plunged to 6.6% in 2022-23 against 10.1% in 2021-22.

The GDP per capita of the country also took a hit and fell from $1,765 in the previous year to $1,586 in the current fiscal year, largely due to the rupee’s poor performance against the US dollar.