Pakistan’s economy contracts by $33.4 billion: PBS

MG News | May 26, 2023 at 01:02 PM GMT+05:00

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May 26, 2023 (MLN): The total volume of Pakistan's economy has decreased by $33.4 billion or 8.91%, from $375bn in FY22 to $341.6bn in FY23, according to the data released by the Pakistan Bureau of Statistics (PBS).

Meanwhile, per capita income stood at $1,568 in 2023 as compared to $1,766 in the previous year depicting a decrease of 11.38% YoY, PBS data further revealed.

The current fiscal year marks a decrease of $198 per capita income for Pakistan.

This was the third lowest per capita income in a decade, with the lowest in the decade being $1458 achieved in FY20 due to covid, whereas the highest achieved was $1768 in FY18

On the other hand. in the fiscal year 2021, the per capita income achieved was $1,677.

Health sector improved to 8.49% against the target of 3.8%.

The education sector also improved by 10.44% against the target of 4.9%.

While the performance of the Information and Communication sector exceeded the target of 6% with a growth rate of 6.9%, as stated in the report.

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