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.

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%.

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