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HomeBusinessOfficial data reveals Pakistani economy grew 5.97% in FY22

Official data reveals Pakistani economy grew 5.97% in FY22

Per capita income went up from Rs268,223 in financial year 2020-21 to Rs314,353 in financial year 2021-22

Pakistan’s economy grew 5.97%, following a rebase of national account, in the current fiscal year which will end on June 30, 2022. The data shows a slight increase compared to the 5.74% rate the previous year.

Local media reported quoting the government that, the growth of the agricultural, industrial, and services sectors have been recorded at 4.4%, 7.19%, and 6.19%, respectively. Several economists believed the higher Growth Domestic Product numbers on imports and consumption-led growth.

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Pakistan’s GDP at the current market prices hit Rs66.949 trillion in 2021-22, resulting in an rise in per capita income from Rs268,223 in 2020-21 to Rs314,353 in 2021-22. Converted into the US dollar, the per capita income increased from $1,676 in 2020-21 to $1,798 in 2021-22.

The National Accounts Committee convened under the chair of the federal planning secretary and greenlit rebasing of national accounts from the fiscal year 2005-06 to 2015-16. The forum also agreed on a revised GDP growth figure of a negative 0.94% for 2019-20.

After the meeting, the federal planning secretary briefed media that they had engaged the Pakistan Bureau of Statistics to validate the GDP calculation methodology. Independent economists termed the rebased GDP as low quality, but higher growth, saying that it did not aid in adding more job opportunities.

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