Islamabad: The government of Pakistan on Thursday (June 9) released the annual Pakistan Economic Survey (PES) report for the fiscal year 2021-22, news sources reported. The report indicates the economy grew at a rate of 6% in FY22 against the set target of 4.8%.
The report was unveiled in Islamabad by Finance Minister Miftah Ismail and other federal officials. The minister stated that the government met all major growth targets in FY22, with a 4.40% increase in agriculture, a 7.19% increase in industries, and a 6.19% increase in services—meaning that all three major sectors exceeded their respective targets of 3.5%, 6.5%, and 4.7%. Similarly, the report also indicated that goods’ exports increased by 26.6% from July to March of FY22, totalling USD 23.7 billion, while services exports increased by 17.1%, totalling USD 5.1 billion.
On the taxation side, the report reveals that there was a 28.5% increase in FBR tax collection during the July-March FY22. The amount collected during this period stood at PKR 4.85 trillion, compared to PKR 3.77 trillion last year. However, the report also indicates an increase in the fiscal deficit during the July to March FY22 period to 3.8% of the GDP compared to 3% during the same time last year, according to the survey.
Some of the other key indicators in the FY22 report are:
The performance of large-scale manufacturing was tremendous with 10.4% growth during July-March FY2022 as compared to growth of 4.2% in the same period last year.
The total electricity generation capacity during July-April 2022 has increased by 11.5% and reached 41,557MW, up from 37261MW during the same period last fiscal year.
The import bill of oil increased by 95.9% to USD 17.03 billion during July-April FY2022 compared to USD 8.69 billion during the same period last year.
IT exports during (July-March FY2022) surged to USD1.948 billion at a growth rate of 29.26% in comparison to USD1.5 billion during July-March FY2021.
Nauman Ahmad is an imaginative Pisces whose love for literature and nature is unparalleled. When he's not reading or hiking, he's sleeping and eating, which gives him plenty of energy for his next adventure.
