- In the financial year 2022-23, the growth rate reached 0.29 percent.
- Low level of development will result in increase in poverty, unemployment.
- The growth rate of the agricultural sector was 1.6 percent.
ISLAMABAD: The latest data shared with the National Accounts Committee (NAC) paints a bleak picture of the economy as the coalition government failed to achieve any of the economic targets it had set for the fiscal year 2022-23. He had promised to fulfill. News Reported
According to estimates by all international financial institutions, Prime Minister Shahbaz SharifThe ruling government did not meet all major targets including provisional gross domestic product (GDP) – which was set at 5 percent for the current fiscal year.
The growth rate remained disappointingly low at 0.29% – the lowest in four years – against the revised figure of 6.1% in the previous fiscal year 2021-22.
It should be noted that this low level of development will result in increased poverty and unemployment. However, no official data is available on these two important fronts.
The volume of GDP in Rs period stood at Rs 38.927 trillion for the outgoing financial year as against Rs 38.814 trillion in the previous financial year 2021-22.
Planning Commission Chief Economist Dr. Nadeem Javed told reporters that catastrophic floods, prolonged political instability, global recession and the war in Ukraine have added to the difficulties for Pakistan’s economy, but the country’s various economic sectors have shown resilience. Resilience has produced modest positive growth in the current financial year. The year
A meeting of the National Accounts Committee was held under the chairmanship of Secretary Planning Syed Zafar Ali Shah in which the interim statistics were approved.
- GDP growth rate – 0.29%
- Agricultural Development – 1.55%
- Industrial Sector – -2.94%
- Services sector – 0.86%
According to reports, there was a lot of pressure on Pakistan Bureau of Statistics (PBS) and other top officials to change the GDP growth from negative to positive.
It ranged from negative 1% to negative 0.5% but finally, the NAC came up with a positive GDP growth rate of 0.29% after much discussion among senior officials of the Ministry of Finance, State Bank of Pakistan (SBP) and Ministry of Planning. Approved.
Financial year 2021-22 | Financial year 2022-23 | |
GDP | 6.1% | 0.29% |
Industries | 6.83% | -2.9% |
LSM | 11.90% | -7.98% |
Services | 6.59% | 0.85% |
Construction | 1.90% | -5.53% |
Livestock | 2.25% | 3.78% |
Cotton ginning | 9.22% | -23% |
The growth rate of the education sector turned negative growth into positive while raising eyebrows at 10.44 percent. Activities related to human health and social work also achieved a sudden increase of 8.49% in the current financial year.
Out of the positive 1.55% growth of the agriculture sector, the growth of major crops was negative at 2.49% but the production of 27.6 million tonnes of wheat helped the agriculture sector to achieve a positive growth.
Cotton gained only 4.5 million bales and registered negative 41% growth. There was a positive growth of 3.78 percent in the livestock sector.
Among the industrial sector, the growth of large-scale manufacturing was negative at 7.98%, but interestingly, small-scale manufacturing achieved a positive growth of 9.03%. Construction sector decreased by 5.53%.
The power generation and gas distribution sector grew by 6.03 percent which also raised eyebrows. The services sector grew by 0.86 percent. Wholesale and retail trade recorded a negative growth of 4.46 percent.
When PBS chief Dr Naeem Az Zafar was asked if there was any pressure on PBS to achieve positive growth, he said that there was no pressure from any side and that he had to get provisional growth figures. Have done your work in a professional manner.