Key highlights of the Pakistan Economic Survey 2022-23

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