Pakistan achieved major economic targets in FY2021-22
- By Laiq Ur Rehman -
- Jun 08, 2022
ISLAMABAD: The key features of the Economic Survey 2021-22 have been released, according to which Pakistan failed to achieve several important economic targets set for the current financial year.
According to the Economic Survey, targets for GDP, agriculture, industry and services were achieved while inflation, trade deficit, imports, current account deficit and investment, national savings, wheat and cotton production targets were not achieved by Pakistan during the fiscal year of 2021-22.
The survey document states that the GDP target for the current financial year was set at 4.8 per cent but it remained 6 per cent higher than its set target. The agricultural sector output was recorded at 4.4%.
The performance of the industrial sector has also been significant in the current financial year, surpassing the target of 6.2 per cent, while the output of the industrial sector has been recorded at 7.2 per cent.
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The export target for the current financial year was set at Rs26.83 billion and in the 11 months from July to May 2022 of the current financial year, the exports remained Rs28.84 billion. During the financial year, the per capita income of ordinary Pakistanis increased from $1676 to $1798.
Among the targets that could not be achieved by Pakistan was significant inflation. The target for the current financial year 2021-22 was to keep inflation at 8% but it is touching 13.3%, while the current account deficit has been raised to Rs13.8 billion from July-April against the set target of Rs2.27 billion. Similarly, the trade deficit target was set at Rs28.43 billion but during the 11 months of the current financial year, the trade deficit stood at a record Rs43.33 billion.
The fixed investment rate for the current financial year stood at 13.4 per cent, while National Savings stood at 11.1 per cent against the target of 15.4 per cent, gross investment stood at 15.1 per cent against the target of 16.1 per cent, cotton production at 8.3 million bales and rice production at 9.3 million metric tonnes.