ISLAMABAD, Pakistan: The Federal Minister for Finance and Revenue Senator Ishaq Dar on Thursday presented the Pakistan Economic Survey 2022-23, a comprehensive analysis of the performance of different sectors of the economy.
Click Here to Download Pakistan Economic Survey 2022-23
The document examines the factors contributing to this year’s growth and provides updated data on various economic and social indicators for the first nine to ten months of the current fiscal year.
Copy of Pakistan Economic Survey 2022-23 was presented to the Prime Minister Mohammad Shehbaz Sharif by Finance Minister Senator Mohammad Ishaq Dar at PM House,today. pic.twitter.com/qYPOj0JMaQ
— Ministry of Finance (@FinMinistryPak) June 8, 2023
Highlights of Pakistan Economic Survey 2022-23
- The real GDP posted a growth of 0.29% in FY 2023 against last year’s growth of 6.1%
- Per capita income stood at US$ 1,568 as compared to US$ 1,765 last year
- The agriculture sector grew by 1.55% against last year’s growth of 4.27%
- The industrial sector posted a negative growth of 2.94% in FY 2023
- The services sector witnessed meager growth of 0.86%
- The Large Scale Manufacturing (LSM) growth during July-March FY 2023 declined by 8.11% as compared to growth of 10.6% in the same period last year
- The Headline CPI national inflation averaged at 29.2% during Jul-May FY 2023 against 11.3% in the comparable period last year.
- The total revenues increased by 18.1% to Rs.6,938.2 billion (8.2 percent of GDP) in Jul-Mar FY2023 against Rs 5,874.2 billion (8.8% of GDP) last Year
- The FBR tax collection during Jul-May FY2023 increased by16.1% to Rs 6,210.1 billion against Rs 5,348.2 billion last year
- The total expenditures grew by 18.7% to Rs 10,016.9 billion in Jul-Mar FY 2023 against Rs 8,439.8 billion last year.
- The fiscal deficit reduced to 4.6% of GDP (Rs.3,929.3 billion) during Jul-Apr FY2023 against 4.9% of GDP (Rs.3,275.2 billion) in the same period of last year. Similarly, the primary balance posted a surplus of Rs 99.1 billion against a deficit of Rs 890.2 billion during the period under review.
- The exports declined by 11.7% during Jul-Apr FY 2023 amounting to US$ 23.2 billion as compared to US$ 26.2 billion in the same period last year
- The imports during Jul-Apr FY 2023 amounted to US$ 46.9 billion as compared to US$ 65.5 billion in the same period last year
- The workers’ remittances registered a decrease of 13.0% and stood at US$ 22.7 billion as against US$ 26.1 billion same period last year
- The net FDI inflows recorded at US$ 1.2 billion during Jul-Apr FY 2023 as against US$ 1.5 billion last year declined by 23.2%.
- The Current account narrow down by 76.1% and recorded a deficit of US$ 3.3 billion during Jul-Apr FY 2023 against a deficit of US$ 13.7 billion in the same period last year
- The primary income account deficit increased by 0.82% and reached US$ 4.44 billion in Jul-Apr FY 2023 as against deficit of US$ 4.41 billion
- The State Bank of Pakistan’s Foreign Exchange reserves witnessed a decline mainly on the account of amortization of official loans and liabilities during Jul-Apr FY 2023 and reached a level of US$ 4.5 billion by the end of April 2023
- The Pakistani Rupee (PKR) depreciated by 27.8% from the end–June 2022 exchange rate of 204.8 to 283.8 in April 2023
- The total public debt was Rs 59,247 billion at end-March 2023
- The domestic debt was Rs 35,076 billion and external public debt was Rs 24,171 billion or US$ 85.2 billion at end March 2023