Islamabad: Defying all the odds, Pakistan has attained a Gross Domestic Product (GDP) of 5.97% during the fiscal year 2021-22 ending in June, news sources reported. The jump in GDP growth is greater than the 4% and 4.30% forecasted by the International Monetary Fund (IMF) and World Bank (WB), respectively.
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Reportedly, The current fiscal year’s (FY22) robust GDP growth is being characterised as an economic recovery from the adverse consequences of COVID-19. Following the 105th meeting of the National Accounts Committee, led by Planning Secretary Dawood Muhmmad Bareach, the new and corrected GDP growth estimates were announced. The meeting also updated GDP numbers for the fiscal years 2020-21 from 5.57 % to 5.74 %. Similarly, it was announced that the economy expanded by USD 33.24 billion in the current year to USD 380 billion in 2021-22, up from a revised number of USD 346.76 billion the previous year. The economic growth rate is the greatest figure recorded in a single year. The economy increased in dollar terms as the rupee rose against the dollar – the most growth in any year. Other statistics given by the government include:
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- The construction industry grew from 2.84% in FY21 to 3.14% in FY22
- The total amount of cash crops i.e. cotton (17.9%), rice (10.7%), sugarcane (9.4%) and maize (19%) has increased while wheat production decreased
- Per capita income has increased from PKR 268,223 (USD 1673) to PKR 314,353 (USD 1798) during the FY 2021-22 as compared to FY 2020-21
- The crops sub-sector has improved from 5.92pc to 5.96pc. Other crops have improved from provisional growth of 8.08pc to 8.27pc in revised estimates
- The industrial sector’s growth in the revised from 7.79% in FY21 to 7.81% in FY22
- The services sector has improved from 5.7% in FY21 to 6% in FY 22
- The growth in agricultural, industrial and services sectors is 4.40%, 7.19% and 6.19%
- The livestock sector grew from 2.38% in FY21 to 3.26% in FY22
- The overall industrial sector grew from 7.19% in FY21 to 7.81% in FY22
- The transportation and storage industry has increased by 5.42% with railways showing a growth of 41.85%, air transport 26.56% and road transport by 4.99%
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