Pakistan’s economy performed better than expected on all major economic indicators during COVID-19, resulting in a growth rate of 3.94% in the current financial year as against minus 0.47% in the previous financial year.
According to the report, the growth figures proved to be staggering as the State Bank of Pakistan (SBP) had projected a GDP growth rate of 3% while the Finance Ministry had projected a slightly lower estimate.
In addition, growth estimates from the International Monetary Fund and the World Bank for the current fiscal year were between 1.3 per cent and 1.5 per cent, respectively.
The services sector has been a major cause of economic growth in the country for many years and this year it has grown by 4.43%.
Corona Virus has also partially affected the services sector this year in providing services in large areas.
However, the agriculture sector grew by 2.77 per cent while industrial production grew by 3.57 per cent.
The figures were compiled at the 103rd meeting of the National Accounts Committee chaired by Secretary Planning, Development and Reforms Hameed to review the Gross Domestic Product (GDP).
Presenting a better picture of the economy as a whole in the third year of the PTI government, an official statement said that the fiscal year 2020-21 for GDP and Gross Fixed Capital Formation (GFCF) Estimates are based on the latest data available for 6 to 9 months.
In his tweet on Friday, Prime Minister Imran Khan tweeted: “National Accounts Committee has finalized GDP growth estimate & GDP growth is estimated at 3.94%. This reflects the success of our govt’s economic policies while managing COVID 19 pandemic. Our V-shaped recovery is balanced between 3 major sectors: agriculture, industry & services.”
National Accounts Committee has finalized GDP growth estimate & GDP growth is estimated at 3.94%.This reflects the success of our govt's economic policies while managing COVID 19 pandemic. Our V-shaped recovery is balanced between 3 major sectors: agriculture, industry & services
— Imran Khan (@ImranKhanPTI) May 21, 2021