Economic Survey 2021-22 to be launched today

ISLAMABAD (PEN) – The federal government will launch the pre-budget document, Economic Survey of Pakistan 2021-22 on Thursday showing a robust GDP growth rate of 5.97 percent, with higher Current Account Deficit of over $13.7 billion, and a mixed trend of performance by the key macro economic indicators during the year.

The Survey is scheduled to be shared with media at a press conference here during which an overview of the economic progress made in recent years in Pakistan would also be provided, official sources said.

The Survey would highlight the main features of the policies undertaken by the present government, which are focused on bringing macro-economic stability and putting the economy on growth trajectory.

The survey would cover the development of all the important sectors of economy, including growth and investment, agriculture, manufacturing, mining, fiscal development, money and credit, capital markets, inflation, debt and liabilities.

Most of the targets set for the outgoing fiscal year 2021-22 seemed to be achieved or even surpassed the previous years’ targets, as the macro economic indicators have showed good performance during the year.

However performance of some sectors such as balance of payment, foreign direct investment and fiscal deficit remained below average during the year.

According to the Planning Commission’s estimations made in the 105th meeting of National Accounts Committee (NAC), the provisional GDP growth rate for the year 2021-22 is estimated at 5.97%. Broad based growth witnessed in all the sectors of the economy.

The growth of agricultural, industrial and services sectors is 4.40%, 7.19% and 6.19% respectively. The growth of important crops during this year is 7.24%. The growth in production of important crops namely Cotton, Rice, Sugarcane and Maize are estimated at 17.9%, 10.7%, 9.4% and 19.0% respectively.

The services sector shows a growth of 6.19%. Wholesale and Retail Trade industry grew by 10.04%. It is dependent on the output of agriculture, manufacturing and imports. Further, the volume of the economy in US$ in 2021-22 stands at $383 billion.

Meanwhile, on Friday, June 10, the government would present its Federal Budget for the fiscal year 2022-23 in the Parliament, with special focus on fiscal management, revenue mobilization, measures for economic stabilization and growth, reduction in non-development expenditures; boosting exports besides providing relief to the masses, promoting investment for job creation and people friendly policies for the socio-economic prosperity of the country.