Federal Minister for Finance and Revenue, Miftah Ismail on Thursday formally launched the pre-budget document, Pakistan Economic Survey 2021-22 during a press conference in Islamabad.
Pakistan Economic Survey 2021-22 has been launched by Finance Minister Miftah Ismail, Fed Min Planning Ahsan Iqbal, Fed Min for Energy Khurram Dastgir , MoS Dr. Aisha Ghous Pasha today.
Finance Minister Miftah Ismail has vowed to lead the country towards responsible, sustainable and inclusive growth.
While unveiling the Economic Survey 2021-22 in a press conference along with Planning Minister Ahsan Iqbal, the finance minister highlighted the key economic indicators and the performance of different sectors of the economy during the fiscal year 2021-22.
Key highlights of the Economic Survey
- The real GDP posted a growth of 5.97 percent.
- For July-April FY2022, the current account deficit remained US$13.8 billion against the deficit of US$0.5 billion.
- The investment to GDP ratio remained 15.1 percent compared to 14.6 percent recorded in FY2021.
- The agriculture sector posted a growth of 4.4 percent
- The industrial sector recorded a growth of 7.2 percent in FY2022 compared to 7.8 percent growth in FY2021.
- Total revenues increased by 17.7 percent and reached Rs 5,874.2 billion
- Total tax collection (Federal & Provincial) grew by 28.1 percent
- Non-tax revenues, on the other hand, fell 14.3 percent to Rs 1,052.2 billion in July-March FY2022
- Total expenditures grew by 27.0 percent to reach Rs 8,439.8 billion in July-March FY2022 against Rs 6,644.6 billion last year.
- Current expenditures grew by 21.2 percent to Rs 7,378.0 billion during July-March FY2022 as compared to Rs 6,085.4 billion in the comparable period of last year.
- Total development expenditure increased significantly by 54.6 percent to Rs 1,032.7 billion in July-March FY2022
- The federal PSDP grew by 28.1 percent to Rs 452.3 billion during July-March FY2022 against Rs 353.0 billion last year.
- FBR tax collection during July-May FY2022 increased by 28.4 percent
- During July-March FY2022, all the four provinces posted a combined surplus of Rs 599.8 billion
- The fiscal deficit increased to 3.8 percent of GDP (Rs 2,565.6 billion) during July-March FY2022 against 3.0 percent of GDP (Rs 1,652.0 billion) in the same period of last year.
- The primary balance posted a deficit of Rs 447.2 billion against the surplus of Rs 451.8 billion during the period under review.
- The headline inflation CPI averaged 11.3 percent during July-May FY2022 against 8.8 percent in the comparable period last year.
- The trade deficit increased by 49.6 percent in July-April FY2022 to US$ 32.9 billion as compared to US$ 22.0 billion in the corresponding period last year.