Govt to unveil Economic Survey 2022-23 tomorrow

ISLAMABAD: The pre-budget document, Economic Survey of Pakistan 2022-23, containing the details of major socio-economic achievements during the outgoing fiscal year 2022-23, will be launched tomorrow (Thursday).

Minister for Finance and Revenue Senator Ishaq Dar will chair the launching ceremony of the pre-budget document, the Finance Ministry said in a statement.

The Economic Survey will provide details about the major socio-economic developments, performance, and economic trends of various sectors of the economy, including agriculture, manufacturing & industry, services, energy, information technology & telecom, capital markets, health, education, transport and communication etc.

Annual trends of major economic indicators regarding inflation, trade and payments, public debt, population, employment, climate change, and social protections will also be described in detail in the survey.

According to the Planning Commission’s estimations made in the 106th meeting of National Accounts Committee (NAC), the provisional growth rate of the gross domestic product (GDP) for the year 2022-23 is estimated at 0.29 percent.

The growth of the agricultural, industrial and services sectors has been estimated at 1.55 percent, -2.94 percent and 0.86 percent respectively.

In the agriculture sector, the provisional growth in important crops is negative 3.20pc due to decrease in the production of cotton (by 41pc from 8.33 million to 4.91 million bales) and rice (by 21.5pc from 9.32 million to 7.32 million tons).

Positive growth has been observed in wheat (by 5.4pc from 26.208 million to 27.634 million tons), sugarcane (by 2.8pc from 88.65 million to 91.11 million tons) and maize (by 6.9pc from 9.52 million to 10.183 million tons).

The provisional growth in the industrial sector is negative 2.94pc. The growth in mining and quarrying is also negative 4.41pc due to decline in the production of natural gas, crude oil, and exploration cost.

Large scale manufacturing driven by QIM has posted a negative growth of 7.98pc while electricity, gas and water industry showed a growth of 6.03pc.

The provisional growth in the services sector shows a slow growth of 0.86pc but with mixed trend within the industries. Wholesale and retail trade industry declined by 4.46pc due to decrease in the output of crops (4.57pc), LSM (8.11pc) and imports (12.68pc).

Education has witnessed a growth of 10.44pc due to the public sector expenditure. Human health and social work activities have also increased by 8.49pc.