ISLAMABAD: Pre-budget document Economic Survey of Pakistan 2022-23, containing details of major socio-economic achievements during outgoing fiscal year 2022-23, will be launched today.

Minister for Finance and Revenue Senator Ishaq Dar will chair launching ceremony of pre-budget document, Finance Ministry said.

Economic Survey will provide details about major socio-economic developments, performance and economic trends of various sectors of the economy, including agriculture, manufacturing and industry, services, energy, information technology and 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 in survey.

According to Planning Commission’s estimations made in 106th meeting of National Accounts Committee provisional growth rate of gross domestic product (GDP) for year 2022-23 is estimated at 0.29 percent.

Growth of agricultural, industrial and services sectors has been estimated at 1.55 percent, -2.94 percent and 0.86 percent respectively. In agriculture sector, provisional growth in important crops is negative 3.20 percent due to decrease in production of cotton (by 41 percent from 8.33 million to 4.91 million bales) and rice (by 21.5 percent from 9.32 million to 7.32 million tonnes).

Positive growth has been observed in wheat (by 5.4 percent from 26.208 million to 27.634 million tonnes), sugarcane (by 2.8 percent from 88.65 million to 91.11 million tonnes) and maize (by 6.9 percent from 9.52 million to 10.183 million tonnes).

Provisional growth in industrial sector is negative 2.94 percent. Growth in mining and quarrying is also negative 4.41 percent due to decline in production of natural gas, crude oil, and exploration cost.

Large scale manufacturing driven by QIM has posted negative growth of 7.98 percent while electricity, gas and water industry showed growth of 6.03 percent.

Provisional growth in services sector shows slow growth of 0.86 percent but with mixed trend within industries. Wholesale and retail trade industry declined by 4.46 percent due to decrease in output of crops (4.57pc), LSM (8.11pc) and imports (12.68pc).

Education has witnessed growth of 10.44 percent due to public sector expenditure. Human health and social work activities have also increased by 8.49 percent.

Published in The Daily National Courier, June, 08 2023

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