i ECONOMY
Highlights of the Pakistan Economic Survey 2022-23 released on Thursday.Breaking
June 08, 2023
Survey-Highlights
By Ayesha Mudassar
Following are the highlights of the Pakistan Economic Survey 2022-23 released on Thursday.
- The real GDP posted a growth of 0.29% in FY 2023
- During 2022-23, the agriculture sector performance was hit hard by flash floods 2022 that negatively
impacted kharif crops. The sector grew by 1.55% against last year's growth of 4.27%.
- The Industrial sector posted a negative growth of 2.94% in FY2023.
- The services sector constitutes the largest share of 58% in GDP witnessed meager growth of 0.86%.
- The increase in international prices and currency depreciation has led to an increase in domestic
commodity prices and hence reduced aggregate demand in FY2023.
- Per capita income stood at US$ 1,568 as compared to US$ 1,765 last year on account of
currency depreciation, rising population, and lower GDP growth.
- Fiscal deficit reduced to 4.6% of GDP (Rs. 3,929.3 billion) during Jul-Apr FY2023.
- Tax revenues grew by 16.5%, and total expenditure increased by 18.7% in Jul-Mar FY2023.
- The policy rate increased to 21% during Jul-Apr FY2023 on account of persistent inflationary pressures.
- Headline CPI national inflation averaged 29.2% during Jul- May FY2023 against 11.3% in the
comparable period last year.
- Pakistan’s balance of payments position remained under pressure mainly due to adverse global and
domestic shocks.
- Worker’s remittances registered a decrease of 13.0% and net FDI inflows declined by 23.2%.
- The current account narrows down by 76.1% and recorded a deficit of US$ 3.2 billion during
Jul-Apr FY2023, against a deficit of US$ 13.7 billion in the same period last year.
- Exports declined by 11.7% during Jul-Apr FY2023, and imports reduced by 28.4% in the same period.
- SBP Foreign reserves reached a level of US$ 4.5 billion by the end of April 2023.
- The PKR depreciated by 27% during June -April FY2023.
- Total public Debt was Rs. 59,247 billion at end-March 2023.
- The PSDP allocation for the health sector during FY2023 was 2.8% of the total development budget.
Credit: Independent News Pakistan: INP
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