- According to the Planning Commission report, the GDP for FY23 is estimated at 0.29%.
- It added that industrial growth during the outgoing year is estimated at -2.94%.
- A positive growth of 5.4% has been observed in wheat.
ISLAMABAD: The federal government will unveil the Economic Survey of Pakistan 2022-23 – a pre-budget document detailing key socio-economic achievements during the outgoing fiscal year.
According to a statement issued by the Ministry of Finance, Finance Minister Ishaq Dar will preside over the unveiling ceremony of the pre-budget document.
The document will provide details on key socio-economic developments, performance and economic trends in various sectors of the economy including agriculture, manufacturing and industry, services, energy, information technology and telecom, capital markets, health, education, transport. Communication etc
The survey will also detail annual trends in major economic indicators on inflation, trade and payments, public debt, population, employment, climate change, and social security.
According to the estimates of the Planning Commission in the 106th session of the National Accounts Committee (NAC), the provisional gross domestic product (GDP) growth rate for the year 2022-23 is estimated at 0.29 percent.
The growth of agricultural, industrial and services sectors is estimated at 1.55%, -2.94% and 0.86% respectively.
In the agriculture sector, the temporary growth in major crops is -3.20% due to decline in production of cotton (down 41% from 8.33 million to 4.91 million bales) and rice (down 21.5% from 9.32 million to 7.32 million tonnes). .
Positive growth was seen in wheat (up 5.4% from 26.208 million to 27.634 million tonnes), sugarcane (up 2.8% from 88.65 million to 91.11 million tonnes) and maize (up 6.9% from 9.52 million to 10.183 million tonnes).
Provisional growth in industrial sector is -2.94%. Mining and quarrying also grew by -4.41% due to decline in natural gas, crude oil production and exploration costs.
Mass manufacturing, driven by the Quantum Index of Mass Manufacturing (QIM), posted a negative growth of 7.98% while the power, gas and water industries showed a growth of 6.03%.
Provisional growth in the services sector showed a slower growth of 0.86 percent but with mixed trends across industries. Wholesale and retail trade industry decreased by 4.46% due to production of crops (4.57%), LSM (8.11%) and imports (12.68%).
Education has increased by 10.44% due to public sector expenditure. Human health and social work activities have also increased by 8.49%.