Real GDP posted growth of 5.97pc, reveals Miftah in Economic Survey

0
147
ISLAMABAD: Federal Minister for Finance Miftah Ismail launched the Pakistan Economic Survey 2021-22 along with Federal Minister for Planning, Development & Special Initiatives Ahsan Iqbal, Federal Minister for Energy Khurram Dastgir, Minister of State Dr. Aisha Ghous Pasha, and Finance Secretary & Economic Adviser, here Thursday. - PID photo

ISLAMABAD: Federal Finance Minister Miftah Ismail unveiled the annual Economic Survey on Thursday, acknowledging Pakistan’s structural economic challenges but saying the country had historically always experienced current account deficits after undergoing economic growth but was now “headed toward stability.”
The Economic Survey is a document released each year a day before the presentation of the federal budget to outline the economic performance during the outgoing fiscal year.
Finance Minister Miftah Ismail will present budget today (Friday), as the country tackles a stuttering economy with huge deficits, dwindling foreign reserves, a widening current account deficit and inflation in the double digits.
“As soon as the economy starts growing, the current account deficit goes out of control and [the nation] begins to face [exchange rate] and balance of payment crises,” the finance minister said at a press conference in Islamabad.
According to Pakistan Economic Survey 2021-22, the GDP at current market rate stood at Rs66,950 billion after a growth of 20 percent in comparisonto the previous year. In dollar terms, it remained at $383 billion.
The document also informed that Pakistan’s per capita income was recorded at $1,798 during FY2022, reflecting an improvement in the overall economic prosperity of the country. The finance minister said that Pakistan’s economic woes were mainly caused by its growing imports which were likely to reach around $77 billion by the end of the new fiscal year.
“Pakistan’s imports have rapidly increased and have gone up by about 48 percent in comparison to the last year,” he added. “While our exports have grown as well, they have only increased by 28 percent. So, your trade deficit has reached $45 billion.”
Ismail said Pakistan’s forex reserves would rise to more than $12 billion after it receives some $2.4 billion from China in the next two to three days. “I hope that by today (Friday) or by the coming Monday or Tuesday, our reserves will increase to $12 billion,” Ismail said. “We are very grateful to China as we are about to receive $2.4 billion from them in the next few days.”
Pakistan’s forex reserves currently stand at $9.7 billion, or enough to cover less than 45 days of its imports. However, the finance minister said the country was not facing a threat of default on its financial commitments.
“We have avoided the imminent default that Pakistan was facing and … we are headed toward stability,” he maintained. “We will ensure Pakistan grows with sustainability … a growth where we will not face a balance of payment crisis.”
According to the survey document, the total public debt of the country stood at Rs44.36 trillion by the end of March, including domestic and external debt of Rs28.07 trillion and $88.8 billion (Rs16.29 trillion), respectively.
“Pakistan’s strategy to reduce its debt burden to a sustainable level includes a commitment to run primary surpluses, maintain low and stable inflation, promote measures that support higher long-term economic growth and follow an exchange rate regime based on economic fundamentals,” said the document.
“With a narrower fiscal deficit, public debt is projected to enter a firm downward path, while the Government’s efforts to improve maturity structure will enhance public debt sustainability,” it continued.
Foreign media reported that Pakistan federal budget will be closely watched by the IMF whose board has to clear a seventh review to resume a $6 billion rescue package signed in 2019. Bailout talks in Doha last month ended without a breakthrough.
Previously, Ismail promised an effective strategy to achieve GDP growth of up to 6 percent that would also help control inflation with strategic measures while addressing a day-long Pre-Budget Business Conference this week.
“We have prepared a very progressive budget which you will see but we are going to do fiscal consolidation,” he said. Various estimates suggest the government will set a total budget outlay of between Rs9 trillion to Rs9.5 trillion for the next fiscal year.
Speaking at the occasion, Planning minister Ahsan Iqbal accused the previous government of not giving due significance to the multibillion-dollar China-Pakistan Economic Corridor (CPEC) while pointing out that the government was “reviewing it and taking other initiatives to improve the condition of the country’s least developed areas.”
According to the survey document, Pakistan and China have successfully launched 56 projects under the framework. “Out of these projects, 26 projects worth approximately $17 billion have been completed so far and 30 projects worth $8.5 billion are under construction,” it said.
The document also pointed out Pakistan’s inflation from July to April of the outgoing fiscal year was recorded at 11 percent, compared to the targeted 8 percent, due to an increase in global commodity prices including the crude and edible oil.
“The pressures on headline inflation can fairly be attributed to adjustment in prices of electricity and gas, a significant increase in the non-perishable food prices, exchange rate depreciation along with rapid increase in global fuel and commodity prices,” it added. Inflation in the country was recorded at 13.8 percent in May, 13.4 percent in April and 10.9 percent in May 2021.
Economic survey at a glance
– The real GDP posted a growth of 5.97pc
– For July-April FY2022, the current account deficit remained $13.8 billion against the deficit of $0.5 billion last year
– Investment to GDP ratio remained 15.1pc compared to 14.6pc recorded in FY2021.
– The agriculture sector posted growth of 4.4pc mainly due to 6.6pc growth in crops and 3.3pc growth in livestock.
– Industrial sector recorded a growth of 7.2pc in FY2022 compared to 7.8pc growth in FY2021.
– Services sector still constitutes the largest share of 58pc in GDP
– Large Scale Manufacturing (LSM) growth during July-March FY2022 increased by 10.4pc as compared to 4.2pc growth in the same period last year.
– Total revenues increased by 17.7pc and reached Rs 5,874.2 billion (8.8pc of GDP) in July-March FY2022 against Rs 4,992.6 billion (8.9pc of GDP) last year.
– Total tax collection (Federal & Provincial) grew by 28.1pc to reach Rs 4,821.9 billion during July-March FY2022 as compared to Rs 3,765.0 billion in the comparable period of last year.
– Non-tax revenues, on the other hand, fell 14.3pc to Rs 1,052.2 billion in July-March FY2022, compared to Rs 1,227.6 billion in the same period the previous year.
– Total expenditures grew by 27.0pc to reach Rs 8,439.8 billion in July-March FY2022 against Rs 6,644.6 billion last year.
– Current expenditures grew by 21.2pc to Rs 7,378.0 billion during July-March FY2022 as compared to Rs 6,085.4 billion in the comparable period of last year.
– Total development expenditure increased significantly by 54.6pc to Rs 1,032.7 billion in July-March FY2022 against Rs 668.0 billion in the comparable period of last year.
– The federal PSDP grew by 28.1pc to Rs 452.3 billion during July-March FY2022 against Rs 353.0 billion last year.
– FBR tax collection during July-May FY2022 increased by 28.4pc to Rs 5,348.2 billion against Rs 4,164.3 billion last year.
– During July-March FY2022, all the four provinces posted a combined surplus of Rs 599.8 billion against Rs 412.7 billion in the same period of last year.
– The fiscal deficit increased to 3.8pc of GDP (Rs 2,565.6 billion) during July-March FY2022 against 3.0pc of GDP (Rs 1,652.0 billion) in the same period of last year.
– The primary balance posted a deficit of Rs 447.2 billion against the surplus of Rs 451.8 billion during the period under review.
– During the period 1st July-20th May FY2022, the Net Domestic Assets (NDA) of the banking system witnessed an expansion of Rs 3,075.2 billion as compared to an expansion of Rs 645.7 billion during the comparable period last year.
– The benchmark KSE-100 index opened at 47,356 points on July 1, 2021, closed at 44,929 points on March 31, 2022, and declined by 5.1pc in the first nine months of FY2022.
– The headline inflation CPI averaged 11.3pc during July-May FY2022 against 8.8pc in the comparable period last year.
– During July-April FY2022, the exports grew remarkably by 27.8pc and reached $ 26.8 billion dollars as compared to $ 21.0 billion in the same period last year.
– Imports stood at $ 59.8 billion in July-April FY2022 as compared to $43.0 billion in the same period last year grew by 39.0pc. The increase in imports is recorded in all the major groups.
– Trade deficit increased by 49.6pc in July-April FY2022 to $ 32.9 billion as compared to $ 22.0 billion in the corresponding period last year.
– During July-April FY2022, the current account posted a deficit of $ 13.8 billion against a deficit of $ 543 million last year.
– Total public debt was Rs 44,366 billion at end-March 2022.
– Domestic debt was Rs 28,076 billion and external public debt was Rs 16,290 billion or $ 88.8 billion at the end of March-2022.
– Total labour force is 71.76 million, out of which 67.25 million are employed and 4.51 million are unemployed.
– Import bill of oil increased by 95.9v to $17.03 billion during July-April FY2022 compared to $8.69 billion during the same period last year. – TLTP

xosotin chelseathông tin chuyển nhượngcâu lạc bộ bóng đá arsenalbóng đá atalantabundesligacầu thủ haalandUEFAevertonfutebol ao vivofutemaxmulticanaisonbetbóng đá world cupbóng đá inter milantin juventusbenzemala ligaclb leicester cityMUman citymessi lionelsalahnapolineymarpsgronaldoserie atottenhamvalenciaAS ROMALeverkusenac milanmbappenapolinewcastleaston villaliverpoolfa cupreal madridpremier leagueAjaxbao bong da247EPLbarcelonabournemouthaff cupasean footballbên lề sân cỏbáo bóng đá mớibóng đá cúp thế giớitin bóng đá ViệtUEFAbáo bóng đá việt namHuyền thoại bóng đágiải ngoại hạng anhSeagametap chi bong da the gioitin bong da lutrận đấu hôm nayviệt nam bóng đátin nong bong daBóng đá nữthể thao 7m24h bóng đábóng đá hôm naythe thao ngoai hang anhtin nhanh bóng đáphòng thay đồ bóng đábóng đá phủikèo nhà cái onbetbóng đá lu 2thông tin phòng thay đồthe thao vuaapp đánh lô đềdudoanxosoxổ số giải đặc biệthôm nay xổ sốkèo đẹp hôm nayketquaxosokq xskqxsmnsoi cầu ba miềnsoi cau thong kesxkt hôm naythế giới xổ sốxổ số 24hxo.soxoso3mienxo so ba mienxoso dac bietxosodientoanxổ số dự đoánvé số chiều xổxoso ket quaxosokienthietxoso kq hôm nayxoso ktxổ số megaxổ số mới nhất hôm nayxoso truc tiepxoso ViệtSX3MIENxs dự đoánxs mien bac hom nayxs miên namxsmientrungxsmn thu 7con số may mắn hôm nayKQXS 3 miền Bắc Trung Nam Nhanhdự đoán xổ số 3 miềndò vé sốdu doan xo so hom nayket qua xo xoket qua xo so.vntrúng thưởng xo sokq xoso trực tiếpket qua xskqxs 247số miền nams0x0 mienbacxosobamien hôm naysố đẹp hôm naysố đẹp trực tuyếnnuôi số đẹpxo so hom quaxoso ketquaxstruc tiep hom nayxổ số kiến thiết trực tiếpxổ số kq hôm nayso xo kq trực tuyenkết quả xổ số miền bắc trực tiếpxo so miền namxổ số miền nam trực tiếptrực tiếp xổ số hôm nayket wa xsKQ XOSOxoso onlinexo so truc tiep hom nayxsttso mien bac trong ngàyKQXS3Msố so mien bacdu doan xo so onlinedu doan cau loxổ số kenokqxs vnKQXOSOKQXS hôm naytrực tiếp kết quả xổ số ba miềncap lo dep nhat hom naysoi cầu chuẩn hôm nayso ket qua xo soXem kết quả xổ số nhanh nhấtSX3MIENXSMB chủ nhậtKQXSMNkết quả mở giải trực tuyếnGiờ vàng chốt số OnlineĐánh Đề Con Gìdò số miền namdò vé số hôm nayso mo so debach thủ lô đẹp nhất hôm naycầu đề hôm naykết quả xổ số kiến thiết toàn quốccau dep 88xsmb rong bach kimket qua xs 2023dự đoán xổ số hàng ngàyBạch thủ đề miền BắcSoi Cầu MB thần tàisoi cau vip 247soi cầu tốtsoi cầu miễn phísoi cau mb vipxsmb hom nayxs vietlottxsmn hôm naycầu lô đẹpthống kê lô kép xổ số miền Bắcquay thử xsmnxổ số thần tàiQuay thử XSMTxổ số chiều nayxo so mien nam hom nayweb đánh lô đề trực tuyến uy tínKQXS hôm nayxsmb ngày hôm nayXSMT chủ nhậtxổ số Power 6/55KQXS A trúng roycao thủ chốt sốbảng xổ số đặc biệtsoi cầu 247 vipsoi cầu wap 666Soi cầu miễn phí 888 VIPSoi Cau Chuan MBđộc thủ desố miền bắcthần tài cho sốKết quả xổ số thần tàiXem trực tiếp xổ sốXIN SỐ THẦN TÀI THỔ ĐỊACầu lô số đẹplô đẹp vip 24hsoi cầu miễn phí 888xổ số kiến thiết chiều nayXSMN thứ 7 hàng tuầnKết quả Xổ số Hồ Chí Minhnhà cái xổ số Việt NamXổ Số Đại PhátXổ số mới nhất Hôm Nayso xo mb hom nayxxmb88quay thu mbXo so Minh ChinhXS Minh Ngọc trực tiếp hôm nayXSMN 88XSTDxs than taixổ số UY TIN NHẤTxs vietlott 88SOI CẦU SIÊU CHUẨNSoiCauVietlô đẹp hôm nay vipket qua so xo hom naykqxsmb 30 ngàydự đoán xổ số 3 miềnSoi cầu 3 càng chuẩn xácbạch thủ lônuoi lo chuanbắt lô chuẩn theo ngàykq xo-solô 3 càngnuôi lô đề siêu vipcầu Lô Xiên XSMBđề về bao nhiêuSoi cầu x3xổ số kiến thiết ngày hôm nayquay thử xsmttruc tiep kết quả sxmntrực tiếp miền bắckết quả xổ số chấm vnbảng xs đặc biệt năm 2023soi cau xsmbxổ số hà nội hôm naysxmtxsmt hôm nayxs truc tiep mbketqua xo so onlinekqxs onlinexo số hôm nayXS3MTin xs hôm nayxsmn thu2XSMN hom nayxổ số miền bắc trực tiếp hôm naySO XOxsmbsxmn hôm nay188betlink188 xo sosoi cầu vip 88lô tô việtsoi lô việtXS247xs ba miềnchốt lô đẹp nhất hôm naychốt số xsmbCHƠI LÔ TÔsoi cau mn hom naychốt lô chuẩndu doan sxmtdự đoán xổ số onlinerồng bạch kim chốt 3 càng miễn phí hôm naythống kê lô gan miền bắcdàn đề lôCầu Kèo Đặc Biệtchốt cầu may mắnkết quả xổ số miền bắc hômSoi cầu vàng 777thẻ bài onlinedu doan mn 888soi cầu miền nam vipsoi cầu mt vipdàn de hôm nay7 cao thủ chốt sốsoi cau mien phi 7777 cao thủ chốt số nức tiếng3 càng miền bắcrồng bạch kim 777dàn de bất bạion newsddxsmn188betw88w88789bettf88sin88suvipsunwintf88five8812betsv88vn88Top 10 nhà cái uy tínsky88iwinlucky88nhacaisin88oxbetm88vn88w88789betiwinf8betrio66rio66lucky88oxbetvn88188bet789betMay-88five88one88sin88bk88xbetoxbetMU88188BETSV88RIO66ONBET88188betM88M88SV88Jun-68Jun-88one88iwinv9betw388OXBETw388w388onbetonbetonbetonbet88onbet88onbet88onbet88onbetonbetonbetonbetqh88mu88Nhà cái uy tínpog79vp777vp777vipbetvipbetuk88uk88typhu88typhu88tk88tk88sm66sm66me88me888live8live8livesm66me88win798livesm66me88win79pog79pog79vp777vp777uk88uk88tk88tk88luck8luck8kingbet86kingbet86k188k188hr99hr99123b8xbetvnvipbetsv66zbettaisunwin-vntyphu88vn138vwinvwinvi68ee881xbetrio66zbetvn138i9betvipfi88clubcf68onbet88ee88typhu88onbetonbetkhuyenmai12bet-moblie12betmoblietaimienphi247vi68clupcf68clupvipbeti9betqh88onb123onbefsoi cầunổ hũbắn cáđá gàđá gàgame bàicasinosoi cầuxóc đĩagame bàigiải mã giấc mơbầu cuaslot gamecasinonổ hủdàn đềBắn cácasinodàn đềnổ hũtài xỉuslot gamecasinobắn cáđá gàgame bàithể thaogame bàisoi cầukqsssoi cầucờ tướngbắn cágame bàixóc đĩaAG百家乐AG百家乐AG真人AG真人爱游戏华体会华体会im体育kok体育开云体育开云体育开云体育乐鱼体育乐鱼体育欧宝体育ob体育亚博体育亚博体育亚博体育亚博体育亚博体育亚博体育开云体育开云体育棋牌棋牌沙巴体育买球平台新葡京娱乐开云体育mu88qh88