Pakistan posts 3.94% GDP growth in FY21

The National Accounts Committee (NAC), in its 103th meeting, presented the provisional growth estimates of the GDP. Despite epidemiologic resurgence in the current fiscal year, Pakistan’s economy remained resilient and marked a growth of 3.94%, defying the projections of the IMF (1.5%) and the World Bank (1.3%). A few key areas mentioned in the NAC’s press release are as follows:

§  Overall GDP and Sectoral Growth:

o   Provisional growth of GDP for the year FY21 estimated at 3.94% while growth for FY20 revised down from -0.38% to -0.47%.

o   Agricultural Sector recorded 2.77% growth in FY21 as against 3.31% in FY20.

o   Overall industrial sector witnessed a growth of 3.57% as compared to FY20’s negative growth of 3.77%.

o       Services sector witnessed a growth of 4.43% in FY21 (FY20: -0.55%).

§  Sectoral Contribution to the GDP:

o   Services sector contributed 2.72% to the overall growth, highest amongst all the sectors followed by Industries which contributed 0.69%, while agriculture contributed 0.54% during the period under review.

§  GDP at Current Market Prices:

o   GDP at current market prices stood at PKR 47.7trn for FY21. This shows a growth of 14.8% over PKR.41.6trn billion for FY20.

o   The per capita income for FY21 stood at:

§  In PKR terms: PKR 246,414 (+14.6% YoY)

§  In USD terms: USD 1,361 (+13.4% YoY)

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