ISLAMABAD, May 19 (ABC): Pakistan’s economy grew 5.97% — after rebasing national accounts — in the ongoing fiscal year ending June 30, 2022, slightly faster than the 5.74% in the last year.
For the ongoing fiscal year 2021-22, the provisional GDP growth rate has been estimated at 5.97%, with the growth of the agricultural, industrial, and services sectors at 4.4%, 7.19%, and 6.19%, respectively. Several independent economists pinned the higher GDP numbers on imports and consumption-led growth.
Pakistan’s GDP at current market prices has reached Rs66.949 trillion in 2021-22, resulting in an increase in per capita income from Rs268,223 in 2020-21 to Rs314,353 in 2021-22. In US dollar terms, the per capita income increased from $1,676 in 2020-21 to $1,798 in 2021-22.
The National Accounts Committee (NAC) met under the chair of the federal secretary of planning and approved rebasing of national accounts from the fiscal year 2005-06 to 2015-16. The forum also approved a revised GDP growth figure of 5.74% for the last fiscal year 2020-21 and a negative 0.94% for 2019-20.