ISLAMBAD – Finance Minister Ishaq Dar unveiled Pakistan Economic Survey for Financial Year 2022-23 on Thursday as the minister stressed macroeconomic stability.
Presenting the performance of the incumbent government, the finance czar said the country’s Gross Domestic Product (GDP) growth target hovered at 0.29 percent for the outgoing fiscal year, missing the target of 5 percent.
PML-N stalwart slammed the PTI government for haphazard moves that further dented the national economy. The document revealed that inflation hovered above 29.2 percent in the 11-month period from July 2022 to May 2023.
Minister revealed that a big chunk of the revenue collection is being disbursed on interest payments, during the PTI regime, the debts and liabilities soared massively, and the debt and interest payments reached Rs7000 billion rupees, which badly dented the national exchequer.
Growth
Economic Survey 2022-23 report revealed that the crisis-hit nation achieved GDP growth of 0.29 percent for FY23, which was set by the government at 5 percent. Growth in Agriculture was recorded at 1.55pc, Industry at 2.94pc, and Services sectors at 0.86pc. Industrial sector shows dilapidating situation.
Inflation
The country registered inflation of 28.2pc in 11-month period, the federal government sets target of inflation at 11.5pc, missing the target knowingly amid back-to-back setbacks.
Tax collection
The tax collection moved up by 16.1pc to Rs5637.9 billion from July to April.
Trade deficit
The country’s exports plunged by 9.9 percent during July to March to $21bn compared to $23bn in the same period last year.
Current account
Current account trajectory moved up by 74.1 percent, witnessing a deficit of $3.4 billion during FY2023, against a deficit of $13 billion in the year-ago period.
Fiscal deficit
Economic Survey 2022-23 report revealed fiscal deficit was limited to 3.6 percent of the GDP during the first nine months of the current FY against 3.9pc of the GDP.
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