Pakistan has achieved major economic targets including a 6 percent gross domestic product (GDP) growth rate during the fiscal year 2021-22, ending June 30.
According to the Economic Survey 2021-22, targets for GDP growth, agriculture, industry, and services sectors were achieved while inflation, trade deficit, imports, current account deficit and investment, national savings, wheat, and cotton production targets could not be achieved.
According to sources, the survey document states that the GDP target for the current financial year was set at 4.8 percent but it remained 6 percent higher than its set target. The agricultural sector output was recorded at 4.4 percent.
The performance of the industrial sector has also been significant in the current financial year, surpassing the target of 6.2 percent. In comparison, the output of the industrial sector has been recorded at 7.2 percent.
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The export target for the current financial year was set at Rs26.83 billion but exports were recorded at Rs28.84 billion during 11 months of the ongoing fiscal year.
During the financial year, the per capita income of ordinary Pakistanis increased from $1676 to $1798.
Among the targets that could not be achieved by Pakistan was significant inflation. The target for the current financial year 2021-22 was to keep inflation at 8 percent but it is touching 13.3 percent, while the current account deficit has been raised to Rs13.8 billion from July-April against the set target of Rs2.27 billion.
Similarly, the trade deficit target was set at Rs28.43 billion but during the 11 months of the current financial year, the trade deficit stood at a record Rs43.33 billion.
The fixed investment rate for the current financial year stood at 13.4 percent, while National Savings stood at 11.1 percent against the target of 15.4 percent, gross investment stood at 15.1 percent against the target of 16.1 percent, cotton production at 8.3 million bales, and rice production at 9.3 million metric tonnes.
