Finance Minister Ishaq Dar while presenting the National Economic Survey said that the economic growth rate in the current financial year was 0.29 percent.
Ishaq Dar along with Federal Minister for Planning Ahsan Iqbal presented the National Economic Survey 2022-23 at the Ministry of Finance.
Ishaq Dar said that the last financial year was very difficult, and the publication of the Economic Survey is the responsibility of the Ministry of Finance, 2017 Pakistan’s economy had become the 24th economy in the world, and in 2022, Pakistan’s economy, unfortunately, became the 47th economy in the world.
He said that the areas that we will cover include agriculture, capital market, health, education, and communications, we have given priority to five eases (export, equity, energy, empowerment, and environment).
He said that after 3Es, now the future roadmap had been made on the Five Ease policy, indicators of the restoration of macroeconomic stability is included in the Economic Survey, and the government aimed to restore macroeconomic stability.
Ishaq added, “When the government took over, the current account deficit was increasing, if we did not take over the government, we do not know where Pakistan would stand, when we took over the responsibility, our financing responsibilities were also increasing, and we will try for economic stability.”
Ishaq Dar further claimed that a large part of the revenue collection is being spent on payment of interest, loans, and liabilities were increased by 100 percent during the tenure of Pakistan Tehreek-e-Insaf, and the cost of loans and interest payments reached Rs 7,000 billion, these issues caused a big loss to the country.
According to the National Economic Survey, the economic growth rate in the current financial year was 0.29 percent, the agriculture sector grew at 1.55 percent, while the industrial sector grew at minus 2.94 percent, and the services growth rate was 0.86 percent.
According to the report, floods, global recession, and tough economic decisions led to a decline in the growth rate, July-May 2023 average inflation was 29.2 percent, the main reason for inflation is the increase in global market commodity prices, while the floods caused the loss of important crops, political instability and depreciation of the rupee due to inflation.
Ishaq Dar said that a large part of the revenue collection is being spent on payment of interest, loans and liabilities were increased by 100 percent during the tenure of Pakistan Tehreek-e-Insaf, and the cost of loans and interest payments has reached Rs 7,000 billion, these issues caused a big loss to the country.
According to the National Economic Survey, the economic growth rate in the current financial year was 0.29 percent, the agriculture sector grew at 1.55 percent, while the industrial sector grew at minus 2.94 percent, and the services growth rate was 0.86 percent.
Reports claimed that floods, global recession, and tough economic decisions led to a decline in the growth rate, July-May 2023 average inflation was 29.2 percent, the main reason for inflation is the increase in global market commodity prices, while the floods caused the loss of important crops, political instability and depreciation of the rupee due to inflation.
“The fiscal deficit was 4.6 percent of GDP in 10 months, the fiscal deficit was 4.9 percent compared to the previous year, the primary balance in the current financial year was Rs 99 billion surplus, the primary balance in the same period last year was Rs 890 billion, the current account deficit decreased by 76 percent in 10 months.”
As per the Economic Survey, FBR’s tax revenue surged by 16.1% from Rs5,348.2 billion in the previous fiscal year to Rs6,210 billion from July-May 2023.
“The current account deficit came down to $ 3.3 billion, the current account deficit was $ 13.7 billion in the same period last year, the July-May trade deficit decreased by 40.4 percent to $ 25.8 billion,” reports added.
July-May imports declined by 29.2 percent, July-May imports fell to $ 51.2 billion, July-May exports decreased by 12.1 percent, July-May exports decreased by $ 25.4 billion, remittances declined by 13 percent to $ 22.7 billion in 10 months.
According to the Economic Survey, foreign direct investment declined by 23.2 percent from July to April, while foreign direct investment was $ 1170 million.
The growth rate of manufacturing was minus 3.91 percent, which was 10.86 percent last year, while the growth rate of the construction sector was minus 5.53 percent, the growth rate of the construction sector was 1.90 percent last year.
The growth rate in the sub-sectors of the industry including electricity, gas, and water supply was 6 percent, while the growth rate of wholesale and retail trade was minus 4.46 percent, wholesale and retail trade was 10.3 percent last year, the growth rate in transport and storage sector was 4.73 percent.
