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Pakistan’s Economy To Grow By 5.97 Per Cent In FY22: NAC

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The National Accounts Committee has estimated Pakistan’s economy to grow by 5.97 per cent for the ongoing fiscal year (FY22).

The country’s Gross Domestic Product (GDP) at current market prices has reached Rs. 66.949 trillion in 2021-22 which has resulted in an increase in per capita income from Rs. 268,223 in 2020-21 to Rs. 314,353 in 2021-22.

Moreover, in dollars, the per capita income has increased from $1676 in 2020-21 to $1798 in 2021-22. Moreover, the volume of the economy in 2021-22 stands at $383 billion.

The 105th meeting of the National Accounts Committee to review the final, revised, and provisional estimates of GDP for the years 2019-20, 2020-21, and 2021-22 respectively was held on Wednesday.

The provisional GDP growth rate for the year 2021-22 is estimated at 5.97 per cent. Broad-based growth was witnessed in all sectors of the economy. The growth of agricultural, industrial, and services sectors is 4.40 per cent, 7.19 per cent, and 6.19 per cent respectively.

In 2022, the growth of important crops is 7.24 per cent. The growth in production of important crops namely cotton, rice, sugarcane, and maize are estimated at 17.9 per cent, 10.7 per cent, 9.4 per cent, and 19.0 per cent respectively.

The cotton crop increased from 7.1 million bales reported last year to 8.3 million bales; Rice production increased from 8.4 million tons to 9.3 million tons; sugarcane production increased from 81.0 million tons to 88.7 million tons; maize production increased from 8.4 million tons to 10.6 million tons respectively, while wheat production decreased from 27.5 million tons to 26.4 million tons.

Other crops showed growth of 5.44 per cent mainly because of an increase in the production of pulses, vegetables, fodder, oilseeds, and fruits. The livestock sector is showing a growth of 3.26 per cent. The growth of forestry is 3.13 per cent and fishing is at 0.35 per cent.

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