Economy

Pakistan Economic Survey: Economy contracts 0.38pc during FY20

Karachi, June 11, 2020: The FY20(P) GDP growth is estimated at -0.38 percent vs. 1.91 percent last year. In a question to the Finance Minister, he answered that the disparity between the government and IFIs (IMF: -1.5 percent, WB: -2.6 percent) forecasts is due to fluidity of the situation at present.

Agriculture sector recorded a significant improvement, growing by 2.67 percent, compared to 0.58 percent last year.

Industrial sector declined by 2.64 percent, compared to a 2.27 percent decline last year. Large Scale Manufacturing (LSM) witnessed a 7.78 percent decline during FY20(P), compared to a 2.56 percent decline in the same period last year. The mining and quarrying sector declined by 8.82 percent during the year, compared to a 3.19 percent decline last year.

The services sector saw a contraction of 0.59 percent, in FY20 vs. growth of 3.75 percent last year, as wholesale/retail contracted by 3.42 percent compared to growth of 1.1 percent last year.

FBR tax collection improved by 10.8 percent to Rs3.30 trillion in 10MFY20, compared to Rs2.98 trillion in the same period last year. Fiscal deficit during 9MFY20 has reduced to 4.0 percent of GDP vs. 5.1 percent in the same period last year.

Total public debt at end of Mar-2020 stood at Rs35.21 trillion vs. Rs32.71 trillion at the end of Jun-2019.

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