Pakistan's economy performed better than many developed and developing economies during the outgoing financial year despite numerous challenges. This has been stated in the Economic Survey a pre-budget document released by Finance Minister Dr. Abdul Hafeez Sheikh in Islamabad on Thursday.
The Minister said despite difficulties the GDP growth rate remained three point seven percent which is highest in the last three years. The agriculture sector recorded a growth of three point one percent against two point four percent last year.
The Large Scale Manufacturing growth is one point one percent during first nine months of the current financial year as against one percent last year. The Services sector recorded growth of four percent during the outgoing year. The Survey says despite global slowdown Pakistan has managed to maintain its exports which saw phenomenal growth during the year. Remittances remained buoyant and estimated at close to thirteen billion dollar an increase of sixteen percent.
Current account balance was affected due to sharp increase in oil prices and import of one point two million metric tons of fertilizer. The Finance Minister said the tax measures enforced by the Government yielded dividend. There was twenty-four percent increase in FBR tax revenues in the first ten months of the current financial year which rose to one thousand four hundred and forty-five billion as compared to one thousand two hundred and fifty billion rupees last year. He said efforts are underway to reach the ambitious target of one thousand nine hundred and fifty-two billion rupees. The Economic Survey shows that per capita real income grew at two point three percent during the year as against one point three percent last year. In dollar terms it increased from one thousand two hundred and fifty-eight dollars last year to one thousand three hundred and seventy-two dollars this year. Real investment has declined from thirteen point one percent of GDP last year to twelve point five percent of GDP this year.
Private investment also contracted to seven point nine percent of the GDP this year as compared to eight point six percent last year. National savings are ten point seven percent of GDP this year as compared to thirteen point two percent last year. Foreign Direct Investment stood at six hundred and sixty-eight million dollar during first ten months of the current financial year as against one thousand two hundred and ninety-three million dollar last year. The capital flows were affected because of global financial crunch and euro zone crisis. Oil and gas exploration remained the major sector for foreign investors. The Finance Minister said efforts are underway to broaden the tax base and simplifying the tax structure with the ultimate objective of moving towards two main taxes of income and sales taxes. A three year plan to phase out Federal Excise Duties is under implementation.
Economic Survey: GDP growth rate remained 3.7% in outgoing financial year | The Nation
The Minister said despite difficulties the GDP growth rate remained three point seven percent which is highest in the last three years. The agriculture sector recorded a growth of three point one percent against two point four percent last year.
The Large Scale Manufacturing growth is one point one percent during first nine months of the current financial year as against one percent last year. The Services sector recorded growth of four percent during the outgoing year. The Survey says despite global slowdown Pakistan has managed to maintain its exports which saw phenomenal growth during the year. Remittances remained buoyant and estimated at close to thirteen billion dollar an increase of sixteen percent.
Current account balance was affected due to sharp increase in oil prices and import of one point two million metric tons of fertilizer. The Finance Minister said the tax measures enforced by the Government yielded dividend. There was twenty-four percent increase in FBR tax revenues in the first ten months of the current financial year which rose to one thousand four hundred and forty-five billion as compared to one thousand two hundred and fifty billion rupees last year. He said efforts are underway to reach the ambitious target of one thousand nine hundred and fifty-two billion rupees. The Economic Survey shows that per capita real income grew at two point three percent during the year as against one point three percent last year. In dollar terms it increased from one thousand two hundred and fifty-eight dollars last year to one thousand three hundred and seventy-two dollars this year. Real investment has declined from thirteen point one percent of GDP last year to twelve point five percent of GDP this year.
Private investment also contracted to seven point nine percent of the GDP this year as compared to eight point six percent last year. National savings are ten point seven percent of GDP this year as compared to thirteen point two percent last year. Foreign Direct Investment stood at six hundred and sixty-eight million dollar during first ten months of the current financial year as against one thousand two hundred and ninety-three million dollar last year. The capital flows were affected because of global financial crunch and euro zone crisis. Oil and gas exploration remained the major sector for foreign investors. The Finance Minister said efforts are underway to broaden the tax base and simplifying the tax structure with the ultimate objective of moving towards two main taxes of income and sales taxes. A three year plan to phase out Federal Excise Duties is under implementation.
Economic Survey: GDP growth rate remained 3.7% in outgoing financial year | The Nation
