Fawad shares Pakistan’s economic indicators in 2021

11:26 PM | 27 May, 2021
Fawad shares Pakistan’s economic indicators in 2021

ISLAMABAD – Federal Minister for Information and Broadcasting Chaudhry Fawad Hussain on Thursday shared Pakistan’s Economic Indicators in Fiscal Year 2021.

According to Fawad, Pakistan’s GDP growth rate this year so far has been 4% and exports stood at $3.2 billion in March 2021, highest ever in a month. He says that Pakistan’s goods exports have been $21 billion in 10 months, projected to reach all time high, above $25 billion this year.

Pakistan’s textile export were $1.4 billion in December 2020, highest ever in a month, while reserves stood at $23 billion, highest since 2016. The minister shares that foreign remittances will cross $27 billion, $2 billion higher than the last 11 months.

Meanwhile, Pakistan’s Current Account has witnessed a surplus of $773 million after 10 years and the large scale manufacturing has increased by 9%, highest ever index in January 2021.

Fawad says that FBR revenue has increased by 14% (year on year 30%) since 2018 and the primary balance has seen a surplus of Rs450 billion first time in decades. The PTI government has doubled its social spending (Ehsaas) since 2018 and the country’s external debt has seen a lowest increase in six years in Fiscal Year 2021, he adds.

Cement touched the highest ever monthly sales in March 2021, while Roshan Digital Accounts deposits reached $1 billion. Fawad estimates that Pakistan’s IT exports will cross $2 billion, from $213 million in March 2021, the highest ever in a month. These exports doubled in three years, he highlighted.

Also, Pakistan’s car sales increased by 54%, tractor sales by 62% and motorcycle sales by 34% in the Fiscal Year 2021. Fawad says that Pakistan has received the best ranking vis a vis ease of doing business since 2013.