Jun 09, 2022 (MLN): Finance Minister Miftah Ismail on Thursday unveiled the Economic Survey of Pakistan 2021-22, which revealed that Pakistan’s economy grew at the rate of 5.97% in FY22 against the target of 4.8% in the outgoing fiscal year.

This high growth, however, is unsustainable and has resulted in financial and macroeconomic imbalances, the survey document said.

Similarly, the agriculture sector posted a growth of 4.40% against a target of 3.5% mainly due to 6.6% growth in crops and 3.3% growth in livestock; the Industrial sector posted a growth of 7.19% against the target of 6.5%,  and the services industry recorded growth of 6.19% against the target of 4.7%.

The key highlights of the Economic Survey of Pakistan are as follows:

• The real GDP posted a growth of 5.97 percent.
•  For July-April FY2022, the current account deficit remained US$13.8 billion against the deficit of US$0.5 billion last year.
•  Investment to GDP ratio remained at 15.1 percent compared to 14.6 percent recorded in FY2021.
•  The agriculture sector posted growth of 4.4 percent mainly due to 6.6 percent growth in crops and 3.3 percent growth in livestock.
•  Industrial sector recorded a growth of 7.2 percent in FY2022 compared to 7.8 percent growth in FY2021.
•  Services sector still constitutes the largest share of 58 percent of GDP.
•  Large Scale Manufacturing (LSM) growth during July-March FY2022 increased by 10.4 percent as compared to 4.2 percent growth in the same period last year.
• Total revenues increased by 17.7 percent and reached Rs 5,874.2 billion (8.8 percent of GDP) in July-March FY2022 against Rs 4,992.6 billion (8.9 percent of GDP) last year.
• Total tax collection (Federal & Provincial) grew by 28.1 percent 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 14.3 percent 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 27.0 percent to reach Rs 8,439.8 billion in July-March FY2022 against Rs 6,644.6 billion last year.
• Current expenditures grew by 21.2 percent 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 54.6 percent 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 28.1 percent 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 28.4 percent 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 3.8 percent of GDP (Rs 2,565.6 billion) during July-March FY2022 against 3.0 percent 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 the expansion of Rs 645.7 billion during comparable period last year.
• The benchmark KSE-100 index opened at 47,356 points on 1st July 2021 and closed at 44,929 points on 31st March 2022, declining by 5.1 percent in the first nine months of FY2022.
• The headline inflation CPI averaged at 11.3 percent during July-May FY2022 against 8.8 percent in the comparable period last year.
• During July–April FY2022, the exports grew remarkably by 27.8 percent and reached US$ 26.8 billion dollars as compared to US$ 21.0 billion of the same period last year.
• Imports stood at US$ 59.8 billion in July-April FY2022 as compared to US$ 43.0 billion in the same period last year grew by 39.0 percent. The increase in imports is recorded in all the major groups.
• Trade deficit increased by 49.6 percent in July-April FY2022 to US$ 32.9 billion as compared to US$ 22.0 billion in the corresponding period last year.
• During July-April FY2022, the current account posted a deficit of US$ 13.8 billion against a deficit of US$ 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 US$ 88.8 billion at end 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 95.9 percent to US$17.03 billion during July-April FY2022 compared to US$8.69 billion during the same period last year.

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