NAC Revised GDP At 6.10 Percent For Fiscal Year 2021-22
Faizan Hashmi Published May 25, 2023 | 02:00 PM
ISLAMABAD, (UrduPoint / Pakistan Point News - 25th May, 2023 ) :The National Accounts Committee (NAC) held its annual meeting the other day and declared the revised Gross Domestic Product (GDP) at 6.10 percent for the year at 2021-22, which was provisionally estimated at 5.97 percent.
"The final growth rate of GDP for the year 2021-22 has been estimated at 5.77 % which was 5.74 % in the revised estimates. The revised growth rate of GDP for the year 2021-22 is 6.10% which was provisionally estimated at 5.97 %,", said a news release on Thursday.
In the revised estimates, the NAC observed that the agriculture sector slightly declined from 4.40% to 4.27%, despite improvement in crops sub-sector (from 6.58 % to 8.19 %) due to livestock (decreased from 3.26% to 2.25%) and forestry (from 6.13% to 4.07%).
The 106th meeting of NAC reviewed the final, revised and provisional estimates of GDP for the years 2020-21, 2021-22 and 2022-23, respectively.
"The provisional GDP estimates for the year 2021-22 and revised GDP estimates for the year 2020-21 presented in the 105th meeting of the NAC held in May 2022 have been updated on the basis of latest available data," it added.
The industrial sector has slightly declined from 7.19 % to 6.83 % in the revised estimates due to decrease in electricity, gas and water supply (from 7.86% to 3.14%). However, growth in Large Scale Manufacturing improved from 10.48% to 11.90%.
The services sector has improved from 6.19% to 6.59% due to wholesale and retail trade (from 10.04% to 10.32%), information & communication (from 11.90% to 16.32%), finance & insurance (from 4.93% to 7.18%), public administration and social security (from -1.23% to 1.81% ), and other private services (from 3.76% to 4.77%).
The provisional growth rate of GDP for the year 2022-23 is estimated at 0.29%. The growth of the agricultural, industrial and services sectors has been estimated at 1.55%, -2.94% and 0.86% respectively. In the agriculture sector, provisional growth in important crops is -3.20% due to decrease in production of Cotton (41% from 8.33 to 4.91 million bales) and Rice (21.5% from 9.32 to 7.32 million tons).
However, positive growth has been observed in wheat (5.4% from 26.208 to 27.634 million tons), sugarcane (2.8% from 88.65 to 91.11 million tons) and Maize (6.
9% from 9.52 to 10.183 million tons). Other crops have posted a modest growth of 0.23% due to slight increase in production of pulses, vegetables, fodder, oil seeds, and fruits. The provisional growth in livestock, forestry and fishing is 3.78%, 3.93% and 1.44% respectively.
The provisional growth in industrial sector is -2.94%. The growth in mining and quarrying is -4.41% due to decline in production of natural gas, crude oil, and exploration cost.
Large Scale Manufacturing driven by QIM has posted a negative growth of 7.98% due to food (-8.71%), tobacco (-23.78%), textile (-16.03%), coke and petroleum products (-10.24%), chemicals (-6.29%), pharmaceuticals (-23.20%), fertilizers (-9.54%), non-metalic products which includes cement (-10.75%), iron & steel products (-4.02%), electrical equipment (-11.15%) automobiles (-46.01%) and other transport equipment (-38.91%).
Electricity, gas and water industry shows a growth of 6.03% mainly due to higher output reported by the sources. The value added in construction industry, mainly driven by construction related expenditures by industries, has registered a negative growth of 5.53% mainly due to conservative reporting of construction related expenditure by private as well as public sector enterprises and unusual increase in relevant deflator including WPI building material.
The provisional growth in services sector shows a slow growth of 0.86% but with mixed trend within the industries. Wholesale and Retail Trade industry declined by -4.46% due to decline in the output of crops (-4.57%), LSM (-8.11%) and imports (-12.68%).
Transportation and Storage industry has increased by 4.73% whereas accommodation and food services activities have grown by 4.11%. Information and communication increased by 6.93% due to increase in telecommunication.
Finance and insurance industry shows an overall decrease of -3.82% mainly due to high CPI based deflator (26%). Real estate activities grew by 3.72% while public administration and social security (general government) activities posted a negative growth of 7.76% due to high deflator.
Education has witnessed a growth of 10.44% due to public sector expenditure. Human health and social work activities also increased by 8.49% due to general government.
Related Topics
Recent Stories
Sindh home minister chairs law and order meeting
Bakht Kakar orders to ensure maximum facilities in livestock sector
NEPRA concludes hearing into FCA of DISCOs for March
Junta-led Burkina Faso suspends BBC, Voice of America for two weeks
Chairman COPHC lauds MoMA’s efforts at Gwadar Port, Free Zone
CM’s aide directs steps to prevent domestic violence against women
LESCO detects 74,621 power pilferers in 220 days
Regional Police officer (RPO) Shariq Kamal Siddiqui holds open court
LESCO collects over Rs 4.36m from 189 defaulters in 24 hours
Secretary health urges public to follow precautionary measures to avoid spreadin ..
PM directs formation of committee for consultation with provinces on carbon cred ..
UAF to ink MoU with Ethiopian universities
More Stories From Business
-
IP rights crucial in achieving SDG : Jam Kamal
44 minutes ago -
FBR’s data protection efforts commended by OECD assessment team
42 minutes ago -
US stocks rebound on tech earnings, London hits new record
1 hour ago -
SECP-IFSB workshop highlights Pakistan's progress in Islamic Finance Development
1 hour ago -
SBP to announce monetary policy on April 29
1 hour ago -
50pc cut in subsidy of BRT service likely: CM’s aide
3 hours ago
-
PSX gains 771 points
3 hours ago -
Pakistan, US hold 7th TIFA meeting to strengthen trade and investment ties
4 hours ago -
Meeting held to streamline trade between Pak-Afghan , Central Asian Republics
3 hours ago -
Coca-Cola invests an additional $22 million in Pakistan
4 hours ago -
SECP Introduces SECP-XS: A swift complaint resolution platform
4 hours ago -
SBP to announce monetary policy on April 29
3 hours ago