Breaking News
Home » Archives » 2018 » May 2018 » PAKISTAN ECONOMIC SURVEY 2017-18

PAKISTAN ECONOMIC SURVEY 2017-18

PAKISTAN ECONOMIC SURVEY 2017-18

1. The country’s Gross Domestic Product recorded 13-year highest growth of 5.8 %.

2. Revenues from telecom sector reached an estimated Rs 235.5 billion during the first two quarters of FY 2017-18.

3. The commercial launch of 3G and 4G Long Term Evolution (LTE) services opened new opportunities for revenue generation for the mobile operators.

4. The broadband penetration jumped from 3.7 million to 52 million.

5. During the first two quarters of the FY 2017-18 telecom sector contributed estimated Rs 78.62 billion to national exchequer in terms of taxes, regulatory fees, initial and annual license fees, activation tax, and other charges.

6. The agriculture, industrial and service sectors of Pakistan grew by 3.8 percent.

7. Economy continued to benefit from growth oriented initiatives, including higher development spending, low inflation, vigilant monetary policy, and CPEC related investment thus providing impetus for economic recovery.

8. High and broad based growth in agriculture sector in last 13 years was achieved on the back of initiatives such as expansion in credit to agriculture sector, better quality seeds and timely availability of agriculture inputs.

9. Large Scale Manufacturing recorded a growth of 6.13 %, highest in ten years.

10. Industrial sector growth improved by 5.80 %, highest in ten years.

11. Manufacturing grew by 6.24 percent, highest in 11 years.

12. Services sector witnessed a growth of 6.43 percent in last two years.

13. Growth of forestry is 7.17 percent due to high timber production reported by Khyber Pakhtunkhwa (KPK).

14. Fishing registered a growth of 1.6 percent compared to 1.23 percent last year.

15. Households’ average propensity to consume remained fairly constant at around 85.5 percent at constant prices and around 82.0 percent in current prices.

16. Export growth is improving and the extension of the GSP plus status for next two years by the EU is a positive development. The exports growth during nine months of current year continued unbroken.

17. National income remained less than expenditures during FY 2018 when compared with FY 2017 which resulted increase in Saving-Investment gap.

18. Net factor income from abroad increased by 4.17 percent in FY 2018 compared to FY 2017.

19. Gross Fixed Capital Formation (GFCF), considered as fixed investment stood at Rs 5,099.1 billion in FY 2018 compared to Rs 4,632.8 billion last year posting a growth of 10.1 percent.

20. Agriculture sector recorded a remarkable growth of 3.81 percent during 2017-18 and surpassed its targeted growth of 3.5 percent and last year’s growth of 2.07 percent.

21. Cotton production stood at 11.935 million bales as compared to 10.671 million bales in 2016-17 and recorded growth of 11.8 percent.

22. During 2017-18, rice production reached historically high level of 7,442 thousand tonnes and recorded an increase of 8.7 percent over the production of 6,849 thousand tonnes last year.

23. Sugarcane production witnessed another record production season as its production reached to 81.102 million tonnes by showing an increase of 7.4 percent over the last year’s production of 75.482 million tonnes.

24. Maize crop production stood at 5.702 million tonnes compared to the last year’s production of 6.134 million tonnes and witnessed a decline of 7.0 percent.

25. Livestock having share of 58.92 percent in the agriculture and 11.11 percent in GDP, recorded a growth of 3.76 percent compared to 2.99 percent during corresponding period last year.

26. Fishing sector having share of 2.10 percent in agriculture value addition and 0.40 percent in GDP, grew at 1.63 percent compared to growth 1.23 percent of same period last year.

27. Forestry sector having share of 2.09 percent in the agriculture and 0.39 percent in GDP posted a positive growth of 7.17 percent against the negative growth of 2.37 percent of same period last year due to higher timber production reported by Khyber Pakhtunkhwa.

28. Fiscal deficit registered decline from 8.2 percent in FY 2013 to 5.8 percent of GDP in FY 2017.

29. Current expenditure stood at Rs 2,5445.2 billion during July-December FY 2018 against Rs2,241.6 billion in the same period of FY 2017 thus posted a growth of 13.5 percent.

30. Expenditure under PSDP has posted a growth of 25.4 percent and reached to Rs 558.8 billion during July-December, FY 2018 against Rs 445.7 billion in the same period of FY2-17.

31. During FY2017, FBR tax collection grew by 8.2 percent and stood at Rs 3,367.9 billion against Rs 3,112.5 billion recorded in FY 2016.

32. Headline inflation CPI, averaged at 3.8 percent during July- March FY 2018 against 4.0 percent in the comparable period last year.

33. Food inflation during July March FY2018, is recorded at 2 percent and not food 5 percent as against 308 percent and 4.2 percent respectively in the corresponding period of last year.

34. Core inflation during July-March FY 2018 increased by 2-7 percent against the 3.8 percent last year.

35. Pakistan exports had started increasing as the negative effect has bottoming out.

36. Foreign Investment picked up the pace from last year’s level, with both direct and portfolio investment to the gains. Net FDI inflows rose 4.4 percent to 2.1 billion dollars in July-March against 2 billion dollars during same period last year.

37. Total number of enrolments at national level during 2016-17 stood at 48.062 million as compared to 46.223 million during 2015-16 This shows a growth of 3.97 percent and it is estimated to further rise to 5..426 million during 2017-18

38. The total number of institutes stood at 260.8 thousands during 2016-17 as compared to 252.8 thousands during last year and the number of institutes is estimated to increase to 267.7 thousands during 2017-18.

39. The number of doctors has increased to 208.007 thousand, dentists 20463, nurses 103,777 and hospital beds 126.019 in the country during 2017-18 compared to 195,896 doctors 18,333 dentists, 99,228 nurses and 122,769 hospital beds last year.

40. Since the inception Prime Minister’s youth Skill Development program a total number of 100,000 youth has benefited from this program.

41. During July December 2017-18 gross earning of Pakistan Railways number of passenger carried, freight carried and freight tones earning has improved by 26.7 percent.

42. During 2013 to 2018 39 projects with cumulative capacity of 12,230 MW have been added.

43. Up till February 2018 installed capacity of electricity reached 29,573 MW which was 22,812 MW in 2012-13 thus posting a growth of 30 percent.

44. The number of Benazir Income Support Program beneficiaries have increased from 3.73 million in 2012 to 5.6 million as on December 31 2017.

Analysis

The Economic Survey this year was little more than an opportunity for the current government to roll out their signature achievements and press for the continuity of policies in the next government. Presented earlier than usual, because of the looming deadline imposed by the election schedule, it could present only a sketchy portrait of the economy in the ongoing fiscal year, with much of the data in it spanning a six-month period.

Still, the government representatives found ample opportunity to talk of their achievements and virtually taunt their critics with their track record. The government ended load-shedding, claimed Minister for Planning Ahsan Iqbal as he began the presentation, arguing that the power crisis had been pushing Pakistan towards “a civil war” at the time it took the reins. The government built roads to connect remote areas, brought investment, revived growth … and so on.

Financial Adviser Miftah Ismail then argued that growth had been revived even though the external sector presented challenges. But here too there was no ground for serious concern, he asserted, since due to exchange rate depreciations, the current account deficit was coming down.

So if all is fine as they are telling us, why are the alarm bells sounding with growing urgency as the government’s five-year track record unfolds? Today the State Bank, the IMF, the World Bank and the ADB are all united in their warning that the increasing external deficits pose a real threat to the growth rates being touted by the government, and these warnings have continued even after the depreciations, indicating that more might yet be required to control the situation.



This post has been seen 1523 times.

About JWT Desk

Author Image

Check Also

Fighting Climate Change in Pakistan

Fighting Climate Change in Pakistan

Written by: Other Writer on October 19, 2018. By: Sarfraz Saroya ‘Plant for Pakistan’ and …

Leave a Reply

Your email address will not be published. Required fields are marked *