National Accounts Committee revised real GDP growth Rate to 5.38% for the FY21. It is not surprising as the volume of economy has expanded and significant growth was witnessed in different sectors of economy. Here are growth indicators
#PakistanMovingForward
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#PakistanMovingForward
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Govt's policy to shift to export-based economy has started paying off. Exports posted double-digit growth - grew by 18% YoY in FY21 & 28% during 1HFY21.
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Rs 187 bn(later increased to Rs208bn) worth social protection program Ehsaas Emergency Cash, by boosting purchasing power, played a vital role in enhancing demand.
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A campaign to attract workers’ remittances through formal channels helped improve the CAB. Remittances grew by 48.5% from US$ 19.9 bn in FY18 to US$ 29.3 bn in FY21. In FY21 alone, it grew by 28% above FY20’s receipts. In 1HFY22 YoY remittances have grown by a further 11%.
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Overall, Large Scale Manufacturing increased by 14.86% in FY 21. Automobile production increased by about 35% in FY 21. Car production and sales increased by 72.8%, Trucks & Buses production increased by 65.6%, and tractor sales grew by 21.2%.
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@StateBank_Pak added liquidity in the economy through several concessional credit windows more notably TERF (Temporary Economic Refinancing Facility) that stimulated production. Other measures helped save jobs at a time when lockdown had slowed production.
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Investors' confidence in the economy has also surged, evident from the growing credit financing. In 1HFY22 private credit grew by Rs. 1,013.9 bn against Rs. 344.2 bn for the same period last year. It also demonstrates growth in economic activity.
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