The coalition government “failed” to achieve any of the macroeconomic targets set for the outgoing fiscal year (FY23), data compiled by the National Accounts Committee (NAC) shows.
Miftah Ismail and Ishaq Dar — to achieve the annual targets including per cent provisional gross domestic product (GDP).
Triggered by mounting poverty and unemployment, the country’s growth rate remained dismally low and stood at 0.29 per cent against the revised figure of 6.1pc in the last financial year 2021-22.
The size of the GDP in the rupee term clocked in at Rs38.927 trillion for the outgoing fiscal year against Rs38.814tr in the last fiscal year 2021-22.
Planning Commission’s Chief Economist Dr Nadeem Javaid told journalists that the devastating floods, lingering political instability, global recession and Ukraine war accelerated the woes for the Pakistan economy but the resilience shown by the country’s different economic sectors produced a slight positive growth in the current fiscal year.
The NAC has approved the provisional figures of GDP growth rate at 0.29pc, agriculture growth (1.55pc), industrial sector (-2.94pc), and services sector (0.85pc). However, the GDP growth in FY22 was 6.1pc, industries 6.83pc, LSM 11.90pc, and services sector remained 0.85pc.
The education sector grew 10.44pc, while human health and social work-related activities also suddenly achieved 8.49pc growth in the current fiscal year.
Of the industrial sector, the large-scale manufacturing growth remained negative at 7.98pc but interestingly small-scale manufacturing achieved positive growth of 9.03pc. The construction sector contracted by 5.53pc.
The electricity generation and gas distribution sector grew 6.03pc which also raised eyebrows. The services sector grew by 0.85pc. The wholesale and retail trade clinched negative growth of 4.46pc.
Out of the agriculture sector growth of positive 1.55pc, the growth of important crops remained negative 2.49pc but the production of wheat at 27.6 million tonnes helped the agri sector achieve positive growth.
The cotton achieved just 4.5 million bales and achieved negative 41pc growth. The livestock sector recorded positive growth of 3.78pc, the NAC data says.
