The government releases the Pakistan Economic Survey (PES) for FY22
The government releases the Pakistan Economic Survey (PES) for FY22. News sources said that the government of Pakistan released its annual Pakistan Economic Survey (PES) report for the fiscal year 2021-22 on Thursday, June 9. The report shows that the economy grew at a rate of 6% in FY22, which was faster than the goal of 4.8 %.
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Finance Minister Miftah Ismail and other federal officials showed the report to the public in Islamabad. The minister said that the government met all of its major growth goals for FY22. Agriculture grew by 4.40 percent, industries grew by 7.19 percent, and services grew by 6.19 percent. This means that all three of these major sectors grew faster than their own growth goals of 3.5%, 6.5 percent, and 4.7%. In the same way, the report showed that from July to March of FY22, exports of goods went up by 26.6 percent, totaling USD 23.7 billion, while exports of services went up by 17.1 percent, totaling USD 5.1 billion.
On the tax side, the report shows that FBR tax collections went up by 28.5% between July and March of FY22. During this time, PKR 4.85 trillion was collected, which is more than the PKR 3.77 trillion that was collected during the same time last year. The fiscal deficit, on the other hand, grew from 3 percent of GDP in July to March FY22 to 3.8 percent of GDP during the same time period this year, according to the survey.
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Some of the other important numbers in the report for FY22 are:
Large-scale manufacturing did very well, with a 10.4% growth rate from July to March of FY2022, compared to a 4.2% growth rate during the same time last year.
During July 2022 to April 2022, the total amount of electricity that could be made rose by 11.5% to 41,557MW, from 37261MW during the same time last fiscal year.
During July–April FY2022, the cost of importing oil went up by 95.9%, from USD 8.69 billion to USD 17.03 billion. During the same time last year, the cost of importing oil was USD 8.69 billion.
During July-March FY2022, IT exports grew by 29.26% to reach USD1.948 billion, up from USD1.5 billion during July-March FY2021.
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