Despite challenges, economy performed well in one year

[Edevelop]

ISLAMABAD: Despite challenges, the country's economy has performed well during July to May of outgoing fiscal year (2013-14) as suggested by major economic indicators including growth rate, inflation, foreign remittances, foreign exchange reserves, external trade and industrial growth, the data of the Ministry of Finance pointed out.
Data, highlighting one year economic performance of the PML-N government, revealed that in 2013, the present government inherited some major challenges particularly terrorism, lawlessness, power shortage, economic mismanagement, rampant corruption, bad image of the country, unemployment and price hike.

"The foundation of the country had been shaken due to maladministration, rampant corruption in every sphere of life and inefficiency of the last fourteen years that had brought national institutions like PIA, Pakistan Steel, Railways and WAPDA on the verge of virtual collapse", it added.

The PML-N government under the leadership of Prime Minister Muhammad Nawaz Sharif pledged to address all these national issues of utmost importance.

The Finance Ministry data said that economic indicators are moving in the right direction.

According to data of the Finance Ministry ,the Federal Board of revenue (FBR) realized Rs1,955 billion during the outgoing financial year July-May 2013- 14 compared to Rs1,679 billion collected during same period of 2012-13, showing a growth of 16.4 percent.

Similarly, budget deficit during July-May 2013-14 stood at around 4.2 percent (Provisional) as compared to 6.6 percent registered during same period of 2012-13.

The Finance Ministry data further revealed that Remittances during July-May 2013-14 recorded at US $ 14.33 billion as compared US $ 12.75 billion remittances received during same period of July-May 2012-13 posting a growth of 12.39 percent.

The Finance Ministry data further said that in the month of May 2014 the remittance stood at US $ 1.44 billion when compared to US $ 1.18 billion in the month of May 2013 posting a growth of 21.3 percent.

Similarly exports of Pakistan stood at US $ 21.0 billion during July -April 2013-14 as compared to US $ 20.1 billion during same period of 2012-13 showing a growth of 4.47 percent.

The Finance Ministry data further revealed that imports during July-April 2013-14 stood at US $ 37.1 billion compared to US $ 36.7 billion registered during same period of 2012-13 showing an increase of 1.08 percent.

Similarly, the trade deficit during July-April 2013-14 was registered at US $ 16.1 billion compared to US $ 16.6 billion in 2012-13, showing a reduction of 3.1 percent.

Likewise the Forex reserves stood at US $ 13.45 billion on June 9,2014 out of which State Bank of Pakistan is holding US $ 8.61 billion while banks other than SBP are holding US $ 4.84 billion.

The data further said that Consumer Price Index (Average Inflation) during July-May 2013-14 registered 8.66 percent compared to same period of 2012-13.

Similarly, incorporation of companies during July-May 2013-14 were registered at 4,137 as compared to 3,587 registered during the same period of 2012-13 showing a growth of 15.33 percent.

Large scale manufacturing (LSM) growth during the period from July to March 2013-14 remained 4.3 percent as compared to that of 3.5 percent during same period of 2012-13.

Likewise credit to private sector during July-May (2013-14) stood at Rs328.9 billion against Rs33 billion during same period of last financial year, thus showing a surge of 796.66 percent whereas the agriculture credit also increased by 13.09 percent from Rs336 billion to Rs380 billion.

The GDP growth rate during first half of current financial year, remained 4.1 percent while during first half of 2012-13, the growth rate remained 3.4 percent while the growth monetary assets during July-May (2013-14) registered 8.02 percent as compare to growth of 12.23 percent during same period of last year.

Similarly Karachi Stock Exchange (KSE) as on May 29, 2014 remained 29,540 points while on May 11, 2013 the KSE index was at 19,916 points thus showing an increase of 48.32 percent.

Market capitalization as on June 10, 2014 stood at Rs7.26 trillion while it was Rs5.04 trillion on May 11, 2013 showing a growth of 44.04 percent, while market capitalization in US dollar term witnessed a growth of 43.74 percent whichstood at US$ 73.74 billion on June 10, 2014 and on May 11, 2013 it stood at $51.3 billion.

Despite challenges, economy performed well in one year

 

[Fahad Khan 2]

3.3 GDP. IMF

Lowest tax to GDP ratio.

Rise in inflation.

Rise in energy (electricity and petrol price).

Lowest investment.

External and internal both debt ratio increase.

 

[Leader]

jhotay Dar munshi per khuda ki lanat !

 

[Bouncer]

3.3 GDP. IMF
Lowest tax to GDP ratio.

It has been like this for ages, you can't blame current gov for it. But you can blame it for not doing enough in this one year.

Rise in inflation.

Pakistan has seen rise in inflation every year, so nothing new.

Rise in energy (electricity and petrol price).

Out of government's control. You can't live on subsidies and then complain about economic performance.

Lowest investment.

Have you been reading the news lately? Look at the security situation. At lease give credit for pulling off telco license auction, UBL sale and now PPL sale this week.

External and internal both debt ratio increase.

[/quote]
It increased because our beloved PPP licked the treasury clean before leaving.

 

[Mav3rick]

It has been like this for ages, you can't blame current gov for it. But you can blame it for not doing enough in this one year.

It has been like this ever since the so called democratic governments came to power and ousted the so called dictator......perhaps you should check the GDP under the 'dictator'!

Pakistan has seen rise in inflation every year, so nothing new.

Inflation is not a Pakistan specific phenomenon, it is an international phenomenon where professional and patriotic governments ensure the GDP ratio remains much higher then both the inflation index and the unemployment rate.

Out of government's control. You can't live on subsidies and then complain about economic performance.

The dictator was providing much heavier subsidies and was still managing the economy many fold better then any democratic government ever could, all this while the foreign debt kept decreasing, the foreign reserves kept increasing, the foreign currency exchange rate remained static and the gdp growing at a superb pace.

Have you been reading the news lately? Look at the security situation. At lease give credit for pulling off telco license auction, UBL sale and now PPL sale this week.

All Government owned entities must be sold off as the Government is there to make and implement policies and not to run utilities and businesses. There should also not be any monopoly and the process of privatization must be transparent.

It increased because our beloved PPP licked the treasury clean before leaving.

That was one of the reasons but the continued trend is indication that the current Government is neither any more competent nor any more sincere or less corrupt. How many times will our 'friends' bail out this government with Billions in 'gifts'??

 

[Fahad Khan 2]

It has been like this for ages, you can't blame current gov for it. But you can blame it for not doing enough in this one year.



Pakistan has seen rise in inflation every year, so nothing new.


Out of government's control. You can't live on subsidies and then complain about economic performance.


Have you been reading the news lately? Look at the security situation. At lease give credit for pulling off telco license auction, UBL sale and now PPL sale this week.

It increased because our beloved PPP licked the treasury clean before leaving.[/quote]


All the garbage you just spread out has no claim on its back....