The Federal government will unveil the Economic Survey of Pakistan 2022-23, a pre-budget report presenting a comprehensive review of the country’s key socio-economic advancements during the outgoing fiscal year.
The release event for this critical pre-budget dossier will be presided over by Finance Minister Ishaq Dar, as stated by the Finance Ministry. The survey serves as a detailed record of significant socio-economic shifts, the performance of different economic sectors, and prevalent economic trends.
The document will broadly analyze various economic sectors such as agriculture, manufacturing, industry, services, energy, IT and telecom, capital markets, health, education, transport and communication. In addition, it will provide an annual overview of major economic parameters, such as inflation, trade and payment balances, public debt, population and employment trends, climate change impacts, and social protection initiatives.
The National Accounts Committee’s 106th meeting presented estimates predicting a slight GDP growth rate of 0.29% for 2022-23. This includes estimated growths of 1.55%, -2.94% and 0.86% in the agricultural, industrial and services sectors, respectively.
The agriculture sector saw a provisional negative growth of -3.20% in major crops, driven by substantial cotton and rice production declines. However, positive growth was reported in wheat, sugarcane, and maize output.
The industrial sector, facing a provisional negative growth of -2.94%, was hit hard by declines in the mining and quarrying sub-sectors due to reduced production of natural gas, crude oil, and exploration costs. Large-scale manufacturing reported a notable negative growth of 7.98%, while the electricity, gas, and water industries saw a positive growth of 6.03%.
The services sector saw a modest growth of 0.86%, showing mixed trends across various industries. The wholesale and retail trade industry experienced a decline of 4.46%, driven by a decrease in crop output, large-scale manufacturing, and imports. However, positive growth was reported in the education sector, owing to increased public sector spending, and in human health and social work activities.
Additional news input is taken from the APP
