Dar releases economic survey of FY 2022-23 with 29% inflation rate
By News Desk
June 8, 2023 05:12 PM
Finance Minister Ishaq Dar released the economic survey for the current financial year 2022-23 and said economic growth and inflation rate were recorded up to 0.3 and 29 per cent respectively.
According to the 24News HD TV channel, Dar addressed a news conference in Islamabad a day before presenting the federal budget on Thursday and presented key features of the economic survey of FY 2022-23.
Ishaq Dar launched into a tirade detailing the precarious state in which the Pakistan Democratic Movement (PDM) had inherited the economy before summarising his government's economic performance for the year.
Das said when he last served as Nawaz Sharif's finance minister in 2017, Pakistan was in a strong economic position and that his major objective at the time was ensuring macroeconomic stability.
He confirmed that the growth rate declined as the economy is damaged by political instability in the country as the economy suffers a setback and shrinks by 3% during the fiscal year 2022-23.
He said nearly all of the economic goals and targets had been shockingly missed and that the GDP growth rate had fallen to just 0.3%, which can be attributed to natural and political catastrophes.
Dar said they will work on macroeconomic stability in the next financial year 2023-24 as his government has prepared a road map regarding five driving areas including exports, equity, energy, environment and empowerment.
He said a big share of the revenue was spent on the payments of the loans. He said the global GD growth has been reduced by 50 per cent and global trade growth reduced by five times in a year.
As per the economic surveys for 2022-23, economic growth was recorded up to 0.3 due to floods and political instability and the inflation rate from July to March of this financial year was recorded up to 29 per cent.
Due to the Russia-Ukraine war, an increase in commodity prices was recorded at the global level.
In this financial year, the volume of GDP was recorded as more than 84,600 billion rupees.
Last financial year, the growth of the agriculture sector was recorded at 4.40 per cent and during the current financial year, the growth rate of the agricultural sector was recorded at 1.55 per cent.
During the current financial year, the growth rate of livestock was 3.7 per cent which was 3.26 per cent this year.
The growth rate of forestry was 3.9 per cent, and the growth rate of fishing was 1.4 per cent.
The growth rate of the mineral sector was negative 4.4 per cent, and the growth of manufacturing was negative 3.9 per cent.
The growth rate of the major industrial sector was negative 7.9 per cent, and the growth of the construction sector was negative 5.5 per cent.
The growth rate of the industrial sector was 2.9 per cent, and the growth rate of services was 0.85 per cent.
During the current financial year, the specified target of exports could not be achieved.
From July to May of this financial year, the exports were 25 billion 36 million dollars.
The growth of production of major crops was negative at 3.2 per cent, and the growth of cotton ginning was negative at 23 per cent.
During the current financial year, the growth of the real estate sector was recorded at 3.72 per cent.
During the current financial year, per capita income was recorded at 1,558 dollars.
The volume of industrial activity in the country's economy was more than 17,000 billion rupees.
The total volume of agriculture, forestry and fishing sector is more than 19 thousand billion rupees.
The volume of the services sector in the country's economy was recorded at more than 43,000 rupees.
Industrial activity in the country's economy was 21.68 per cent.
The agriculture, forestry and fishing sectors in the country's economy were 24.05 per cent.
Reporter: Waqas Azeem