ISLAMABAD , June 8, 2023: One of the most important pre-budget document, the Economic Survey of Pakistan 2022-23, determining the performance of government and their achievements in major socio-economic sectors during the outgoing fiscal year will be launched on Thursday (today).
The Economic Survey will provide details about the major socio-economic developments, performance, and economic trends of various sectors of the economy, including agriculture, manufacturing & industry, services, energy, information technology & telecom, capital markets, health, education, transport and communication etc.
Annual trends of major economic indicators regarding inflation, trade and payments, public debt, population, employment, climate change, and social protections will also be described in detail by the survey.
Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar will chair the launching ceremony of the pre-budget document, the Finance Ministry said on Wednesday.
According to the Planning Commission’s estimations made in the 106th meeting of National Accounts Committee (NAC), the provisional growth rate of the gross domestic product (GDP) for the year 2022-23 is estimated at 0.29%.
The growth of the agricultural, industrial and services sectors has been estimated at 1.55%, -2.94% and 0.86% respectively.
In the agriculture sector, the provisional growth in important crops is negative 3.20% due to decrease in the production of cotton (by 41% from 8.33 million to 4.91 million bales) and rice (by 21.5% from 9.32 million to 7.32 million tons).
However, some positive growth has been observed in wheat (by 5.4% from 26.208 million to 27.634 million tons), sugarcane (by 2.8% from 88.65 million to 91.11 million tons) and maize (by 6.9% from 9.52 million to 10.183 million tons).
The provisional growth in the industrial sector is negative 2.94%. The growth in mining and quarrying is also negative 4.41% due to decline in the production of natural gas, crude oil, and exploration cost.
Large scale manufacturing driven by QIM has posted a negative growth of 7.98% while electricity, gas and water industry showed a growth of 6.03%.
The provisional growth in the services sector shows a slow growth of 0.86% but with mixed trend within the industries. Wholesale and retail trade industry declined by 4.46% due to decrease in the output of crops (4.57%), LSM (8.11%) and imports (12.68%).
Education sector witnessed a growth of 10.44% due to the public sector expenditure. Human health and social work activities have also increased by 8.49%.