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Budget 2021-22: GDP growth rate set at 4.8%

ISLAMABAD: The federal government has projected Gross Domestic Product (GDP) growth rate at 4.8% for the upcoming fiscal year 2021-22, ARY News reported on Friday.

According to the budget document available with ARY News, the agriculture sector growth rate has been set at 5 per cent and for important crops, the growth rate has been forecast at 2.2%.

The growth rate for cotton has been proposed at 10% of the overall GDP projected by the federal government for the upcoming FY22, read the budget document.

For the industrial sector, the growth rate has been set at 6.5 per cent and 6.2% has been estimated for the manufacturing sector.

Growth target for the large manufacturing sector has been proposed at six per cent, while for the construction sector it has been projected at 8.3 per cent.

Read more: GDP growth of 4.8pc approved for next fiscal year: Asad Umar

The Pakistan Tehreek-e-Insaf (PTI) government is all set to unveil the federal budget 2021-22 with a total outlay of Rs8.4 trillion, later in the day.

Sources relayed that the government has proposed Rs1,330 bn defence allocation with Rs3,105 bn to be earmarked for interest payments.

The Federal Board of Revenue’s (FBR) tax collection target for the forthcoming fiscal year has been set at Rs5,829 bn, they said, adding the government has projected export target at $26.80 bn while import at $55.30 bn.

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