Key highlights of the Pakistan Economic Survey 2021-22

The government unveiled on Thursday the Pakistan Economic Survey 2021-22. Business Recorder presents the key highlights of the document.

• GDP growth rate during fiscal year 2021-22 on the new base of 2015-16 stood at 5.97%.

• Agriculture sector is estimated to grow at 4.4% in FY22 against 3.48% in FY21. The livestock sector grew at 3.3%, accompanied by forestry and fishing showing growth of 6.13%.

• Industry sector expanded at 7.19% in FY22 against 7.81% last year.

• The growth of services sector was recorded at 6.19% in FY22 as opposed to 6% in FY21.

• Large scale manufacturing witnessed 10.4% growth during 9MFY22 (versus 4.2% during 9MFY21).

• Cement production decreased by 8.2% for 9MFY22, while oil sales of the same period saw an increase of 17%.

• The size of Pakistan’s economy is expected to amount to Rs66.95 trillion in FY22 compared to Rs55.8 trillion recorded in FY21.

• During FY22, the per capita income of country increased to Rs314,353 (equivalent to $1,798).

• In dollar terms, the size of the economy reached to $382.8 billion.

• Current account deficit was recorded at $13.8 billion in 10MFY22 from $543 million (10MFY21), owing mostly to increased import volumes of commodities as well as increased international prices.

• Exports also witnessed growth of 27.6% to reach $26.8 billion for 10MFY22 (compared to $21 billion for 10MFY21). Food group's exports increased by 18.9% year-on-year reaching $3.9 billion during 10MFY22.

• The total imports during 10MFY22 clocked at $59.8 billion showing a growth of 39% year-on-year, comprising mainly of petroleum, medicinal products, petroleum crude, LNG, palm oil, plastic materials and iron and steel.

• Trade deficit in goods and services widened by 51.5% year-on-year on account of 39% year-on-year increase in imports of goods as well as 34.0% year-on-year increase in imports of services.

• Net FDI inflows rose 6.1% to $1.25 billion 9MFY22 as against $1.18 billion last year.

• Remittances saw a year-on-year increase of 7.6% to $26.1 billion during 10MFY22, a historic high.

• Liquid foreign exchange reserves stood at $16.1 billion while SBP’s reserves amounted to under $10 billion while commercial banks’ reserves at $6.1 billion as of May’22.

• Private sector credit witnessed an unprecedented expansion of Rs1,312 billion during 10MFY22.

• Annual inflation (CPI) was recorded at 11.3% as opposed to the targeted 8.2%.

Also read: