Salient Features of Economic Survey 2020-21
Per capita income stands at $1,543 in outgoing fiscal year
As Pakistan unveiled the Economic Survey 2020-21, PTI led government announced it beat many earlier projections as the economy was able to stage a V-shaped recovery. V shaped recovery means agriculture , LSM and services. Here are the salient features of the survey:
Pakistan’s GDP provisionally grew 3.9% during FY21. Growth for FY20 was revised down to -0.47% from -0.38% earlier.
For FY21, GDP at current market prices stood at 47.7 trillion rupees.
Services sector saw a great growth of 4.43%, mainly on the back of wholesale and retail trade segment 8.37% , and finance and insurance sector 7.84%.
Agriculture sector registered a growth of 2.77%. Government is hopeful to continue legacy of excellence in commiing years. Finance minister said this upcoming budget will be for agricultural agriculture and agriculture.
Wheat witnessed a growth of 8.1%, rice 13.6%, while maize recorded a growth of 7.38%.
Sugarcane recorded the second-highest ever production. Productions of sugarcane recorded at 22%. On the other hand, cotton witnessed a negative growth. Net decline in cotton growth was recorded 22.8% resulting in 15.6% decline in cotton ginning.
At the end of March 2021, Pakistan’s total public debt stood at Rs38 trillion. The domestic debt amounted to Rs25.6 trillion (up 13.8% YoY) while foreign public debt was Rs12.5 trillion.
Average National Consumer Price Index (CPI) stood at 8.83%.
Remittances increased by 29% YoY, amounting to $26.7 billion, as per 11MFY21 SBP data.
Pakistan’s Foreign Direct Investment (FDI) hit $1.55 billion during 10MFY21, a decline of 32% YoY.
Pakistan saw a current account surplus of $773 million in 10MFY21 against a deficit of $4,657 million recorded in the same period last year. During 10MFY21 total imports recorded a growth of 8% YoY to $48,625 million. Exports clocked in at $25,889 million, posting a jump of 6% YoY.
Country recorded a trade deficit of $22,736 million compared to a deficit of $20,599 million in 10MFY21, seeing an increase of 11%.
Per capita income for FY21 stood at Rs246,414 (+14.6% YoY). In dollar terms, it was $1,543 (+13.4% YoY).