ISLAMABAD – Finance Minister Ishaq Dar is presenting the Economic Survey for the year 2022-23 at a press conference.
While presenting the performance of the PDM-led government, he said Pakistan’s Gross Domestic Product (GDP) growth target stood at 0.29 percent for the outgoing fiscal year, missing the target of 5%. He mainly blamed the four-year rule of the PTI for denting the national economy, besides pinning blame on disastrous flood and inflation.
This trivial growth came on the back of 1.55%, -2.94%, and 0.86% growth in the Agriculture, Industry, and Services sectors respectively. Massive contraction was witnessed in the industrial sector as its growth was recorded as2.94% against a target of 7.1%.
#Live: Finance Minister @MIshaqDar50 presenting Economic Survey 2022-23@FinMinistryPak https://t.co/JtnJsZtCxX
— Radio Pakistan (@RadioPakistan) June 8, 2023
Pakistan recorded inflation of 29.2% in the 11-month period from July 2022 to May 2023 as compared to 11.3% in the same period last year.
The government had targeted to keep the inflation at 11.5% in FY2023, but it missed the target significantly due massive rupee devaluation, import restrictions and disruption in supply chain.
However, the Federal Board of Revenue (FBR) registered growth in tax collection as it collected Rs6,210bn from July to May, compared to Rs5,348.2bn in the same period last year, over 16% above than the target.
More to follow…
