He said in the coming years, Rs 3,000 billion will have to be paid in terms of interest only on these loans.

In small industries, the actual growth was recorded at 8.2% in line with the target growth. The federal and provincial PSDP decreased by 14.5% and 52.2% respectively during July-March 2019 compared to the same period last year. The spike witnessed in October 2018 was due to an increase in gas prices. Arif Nizami (Editor) It increased to 5.8 per cent in July 2018 and after remaining sticky at 5 per cent during the following two months increased to 6.8 per cent in October 2018. “This helped in reducing the trade deficit by 7.3% during July-April FY18-19, while it had shown an expansion of 24.3% during the corresponding period last year,” it stated. Pakistan's average economic growth rate in the first five decades (1947–1997) has been higher than the growth rate of the world economy during the same period. We use cookies to ensure that we give you the best experience on our website.

Ph: +92 51 2287273 Islamabad, Ph: +92 21 35381208-9 Karachi The National Savings remained at 10.7 per cent of GDP against the target of 13.1 per cent. In construction sector, the actual growth was recorded at 7.57 percent as opposed to target growth of 10%. But, the past governments entangled it in a quicksand of loans,” he said. 4-Shaarey Fatima Jinnah, Lahore Actual tax collection during the first ten months of CFY remained at 67.7 per cent of the revised target of Rs4,398 billion. We are now making effort to pull the country out of the challenging conditions,” Sheikh said while unveiling the Economic Survey 2018-19 here in the federal capital. If you continue to use this site we will assume that you are happy with it. The federal and provincial governments’ current expenditures grew by 19.9% and 13.7% respectively during the period under review. Major challenges during the current fiscal year 2018-19 ending June 30, were runaway imports and swelling trade and current account deficits. Resultantly, the SBP reversed its policy stance since January 2018 from accommodative to contractionary monetary policy to curb excessive aggregate demand and ensure near-term stability.

Total expenditures increased to Rs5,506.2 billion (14.3 per cent of GDP) during the first nine months of CFY2019 registering a growth of 8.7 per cent against Rs5,063.3 billion (14.6 per cent of GDP) showing the growth of 15.5 per cent. “When the incumbent government came to power, the economy was in a shambles. Meanwhile, the financial sector faced multifaceted challenges over the years due to excessive and unproductive expenditures on one hand and lower tax revenues on the other. On the contrary, development expenditures (excluding net lending) decreased to Rs655.9 billion during July-March CFY2019 against Rs993.3 billion last year, posting negative growth of 34.0 per cent as compared to positive growth of 23.6 per cent recorded last year. Email: [email protected], categoryTermID5----CategoryParentID0------, by Staff Report , (Last Updated June 10, 2019), Speeding car crashes into gates of Makkah’s Grand Mosque, Qadir Baloch, Sanaullah Zehri to part ways with Sharifs, Indonesia condemns France attacks, but warns against Macron’s remarks, As anger rises, Muslims protest blasphemous caricatures, Free speech has limits, Canada’s Trudeau says, Protest over French blasphemous caricatures turns violent, Mahathir says remarks on French attacks taken out of context, Govt urged to proceed against Ayaz Sadiq under high treason, says Ijaz Shah, Officials served show-cause notice over failing to produce Hamza in court, Court approves plea bargain of housing fraud accused, CTD, police personnel ‘involved with smugglers’ arrested, Security forces foil major terrorist activity in Balochistan: ISPR, Covid positivity rate jumps to 3.72pc; 11 more die, Senior journalist Saleem Asmi passes away in Karachi, Another doctor dies from coronavirus in Peshawar, Saudi Arabia to resume Umrah for international pilgrims from November, CII advises govt not to use un-Islmaic anti-Covid tag line, French minister tells Pakistan, Turkey to stay out of country’s domestic affairs, Economic Survey 2018-19: Economy hits nine-year low at 3.3pc.

As a percentage of GDP, it increased to 94.8 per cent as compared to last year’s figure of 94.2 per cent.

“Workers’ remittances played a major role in containing the current account deficit to 4.03% of GDP,” the report said. Pakistan’s real GDP growth is estimated to have declined from 1.9 percent in FY19 to -1.5 percent in FY20. In finance and insurance, the actual growth was recorded at 5.14% as opposed to target growth of 7.5%.

In the meantime, Pakistan’s rupee has depreciated around 44 per cent since December 2017, resulting in an increase in the debt servicing cost as well as inflationary pressure. During the last five years, total revenue as a percentage of GDP on average reached 14.9 per cent, whereas it stood at 15.1 per cent in FY2018. “Actual tax collection during first 10 months of the CFY remained at 67.7% of revised target of Rs 4,398 billion,” the document said, adding that the provincial revenue collection rose by 1.5% from July-March 2019. Therefore, fiscal deficit as per cent of GDP was 5.0 per cent as compared to 4.3 per cent during the corresponding period of last year. Average annual growth fell to 4.6% in the 1990s with significantly lower growth in the second half of that decade.

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Late in May this year, the government had reached a staff-level agreement with the International Monetary Fund (IMF) for a loan of $6 billion over a period of 39 months. Within total expenditures, current expenditures posted a growth of 17.7 per cent to Rs4,798.4 billion (12.4 per cent of GDP) during July-March CFY2019 as compared to Rs4,075.4 billion (11.8 per cent of GDP) in the same period last year.

The PSX index increased from 33,229 points as on January 1, 2016, to 38,649 as on March 31, 2019, a rise of 16 per cent. The first contraction in decades, this reflects the effects of COVID-19 containment measures that followed monetary and fiscal tightening prior to the outbreak. The government’s total expenditure increased by 8.7% from July-March 2019 to Rs 5,506.2 billion (14.3% of GDP) against last year’s spending of Rs 5,063.3 billion (14.6% of GDP). Your right to know Saturday, October 31, 2020, * Fiscal deficit recorded at 5% of GDP compared to 4.3% in last fiscal * Exports fell by 1.9% while imports declined by 4.9% from July-March 2019.

The fiscal deficit was recorded at 5% of the GDP compared to 4.3% in the corresponding period last fiscal.

According to the economic survey, the total revenue at Rs 3,583.7 billion (9.3% of GDP) showed almost 0% growth from July-March 2019, while growth in total expenditures was 8.7%. The fixed investment as a percentage of GDP remained at 13.8 per cent against the target of 15.6 per cent, while public and private investments remained at 4.0 and 9.8 per cent against the targets of 4.8 and 10.8 per cent respectively. Sheikh said Rs 2,300 billion were spent beyond income which resulted in printing of more currency notes leading towards inflation. In housing services, the actual growth was recorded at 4% in line with the target growth. The actual growth of livestock was recorded at 4% as opposed to target growth of 3.8%. "Dedicated to the legacy of the late Hameed Nizami" Total revenue increased to Rs3,583.7 billion (9.3 per cent of GDP) from Rs3,582.4 billion (10.3 per cent of GDP) during the comparable period of last year, showing almost zero growth in comparison of growth of 13.9 per cent during the same period last year. The Gross Domestic Product (GDP) in Pakistan expanded 5.79 percent in fiscal year 2017/18, ending in June 2018. “This is an alarming situation for the country’s economy and the rupee is facing a lot of pressure,” he added. The CPI witnessed a rising trend during the current financial year.

Actual growth of major crops was recorded at negative 6.55% as opposed to target growth of 3%. It helped in reducing the trade deficit by 7.3 per cent during July-April 2019 while it had shown an expansion of 24.3 per cent during the corresponding period of last year. (adsbygoogle = window.adsbygoogle || []).push({}); Home Lead Stories Latest News Editor’s Picks, Contact Company’s Financials Investor Information Terms & Conditions, Copyright © 2020 Daily Times Website Developed By Daily Times Developers. The current account deficit contracted by 27% from July-April 2019, while it had expanded by 70% in the corresponding period last fiscal year. “Decelerated performance of total revenues primarily was due to marginal growth of 1.8% in tax revenues and negative growth of 16.7% in non-tax revenues,” the survey explained. Furthermore, high-interest payments, untargeted subsidies, loss-making PSEs, energy subsidies and security-related issues all weighed on expanding the fiscal deficit. The current account deficit showed a contraction of 27 per cent during July-April of the current year while it had expanded by 70 per cent during the corresponding period of last year. On the demand side, the exports declined by 1.9 per cent despite the exchange rate depreciation, while imports declined by 4.9 per cent. Meanwhile, twin deficits on the fiscal and external front, emerging inflationary pressure and high aggregate demand posed challenges for the economy towards the end of FY2018.

In cotton ginning, the actual growth was recorded at negative 12.74% as opposed to target growth of 8.9%. During the first nine months July-March CFY2019, consolidated fiscal indicators suggested that total revenue registered zero growth, while growth in total expenditures was 8.7 per cent.

He spoke of the key economic indicators and the performance of different sectors of the economy as well as an overview of Pakistan’s economic progress in recent years.

The agriculture sector registered a growth rate of 0.85 per cent against the target of 3.8 per cent; industrial sector 1.4 per cent against 7.6 per cent and the services sector 4.7 per cent against 6.5 per cent. He explained that positive measures were being taken for the country’s economic stability. In mining, the actual growth was recorded at negative 1.96% as opposed to target growth of 3.6%.

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