Govt Starts Counting Eggs at 4% GDP Projection
Our V-shaped recovery is balanced between 3 major sectors: agriculture, industry & services, said Prime Minister Imran Khan
Pakistan Tehreek-e-Insaf (PTI) government has started counting eggs before they are hatched after estimated 4% growth of GDP projected by National Accounts Committee (NAC).
NAC has estimated Gross Domestic Product (GDP) at 3.94% during the fiscal year 2020-2021 (FY21).
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It was soon after the report was published, Prime Minister Imran Khan and his cabinet members started patting each other on the back on a target which is yet to be achieved.
National Accounts Committee has finalized GDP growth estimate & GDP growth is estimated at 3.94%.This reflects the success of our govt’s economic policies while managing COVID 19 pandemic. Our V-shaped recovery is balanced between 3 major sectors: agriculture, industry & services
— Imran Khan (@ImranKhanPTI) May 21, 2021
The national accounts committee has finalized the GDP growth estimate. Alhamdulillah the GDP growth has come in at 3.94%. This growth in a period in which covid placed a huge challenge to the economy is extremely gratifying & proof of success of @ImranKhanPTI economic policies
— Asad Umar (@Asad_Umar) May 21, 2021
On the basis of latest data, National Accounts Committee has estimated this fiscal year’s GDP growth to be close to 4%.
This is a remarkable recovery &unlike past growth stints, forex reserves have also grown and the current account remains in surplus. Industry led this growth.— Hammad Azhar (@Hammad_Azhar) May 21, 2021
According to a press release released by the planning ministry, 3.94% provisional growth of GDP was based upon growth estimates of agricultural, industrial, and services sectors at 2.77%, 3.57%, and 4.43%, respectively.
Growth of agricultural sector
The agriculture sector grew by 2.77% in 2020-21 as against 3.31% in 2019-20.
The growth of important crops during the current year was 4.65% on the back of the historic highest ever production of wheat, rice, and maize while sugarcane registered the second-highest ever production.
The growth in the production of wheat, rice, sugarcane, and maize was at 8.1%, 13.6%, 22.0%, and 7.38%, respectively.
Growth of LSM
According to the press release, the large-scale manufacturing (LSM) sector showed an unprecedented healthy growth of 9.29%.
Major contributors to the growth were textile sector grew by 5.9%, food beverage & tobacco 11.73%, petroleum products 12.71%, pharmaceuticals 12.57%, chemicals 11.65%, on-metallic mineral products 24.31%, automobiles 23.38%, and fertilizer production grew by 5.69%.
