Finance Minister Shaukat Tarin unveiled the Pakistan Economic Survey 2020-21, in Islamabad on June 10, 2021, ahead of the Parliament’s Budget session on June 11, 2021. He was accompanied by Minister for Industries and Production Khusro Bakhtiyar, Commerce Adviser Razak Dawood, Special Assistant on Poverty Alleviation Sania Nishtar, and SAPM (Special Assistant to Prime Minister) on Revenue Waqar Masood.
The key takeaways from the Economic Survey are :
- GDP at the current market price stands at 47,709 billion rupees.
- GDP has shown a growth of 14.8 percent over the last year.
- During the current fiscal year, the total revenue as percent of GDP stood at 15.1 percent whilst total expenditures at 23.2 percent. Thus, fiscal deficit stood at 8.1 percent.
- FBR collection saw an increase of eighteen percent as compared to the last year.
- Revenue collection by government thus far has reached 4.2 trillion rupees, it will likely exceed the target of 4.7 trillion rupees by the end of this financial year.
- Remittances from Overseas Pakistanis grew by 29 percent this year despite global downturn owing to Covid-19.
- During July-March of this fiscal year, expenditures under PSDP stood at 653.9 billion rupees.
- Health related expenditure increased by 14.3 percent.
- In terms of sectors : Agriculture sector posted a growth of 2.8 percent, Industries showed a growth of 3.6 percent, Services posted a growth of 4.4 percent.
Sector wise details :
In Industry, Manufacturing recorded 8.7 percent growth on account of significant growth in large-scale manufacturing and SMEs. Large-scale manufacturing increased by 8.9 percent.
The construction sector recorded a growth of 8.3 percent.
IT sector witnessed the growth of 18. 85 percent which is the highest growth in comparison with all other industries and the highest in the region.
