Key highlights of Economic Survey of Pakistan 2021-22

Following are the highlights of Economic Survey of Pakistan 2021-22 launched by Federal Minister for Finance Miftah Ismail on Thursday:

♦ 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 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 in 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, Net Domestic Assets (NDA) of banking system witnessed expansion of Rs 3,075.2 billion as compared to 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, declined 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, 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.