Govt. Unveils Economic Survey of Pakistan 2018-19

Govt. Unveils Economic Survey of Pakistan 2018-19
Govt. Unveils Economic Survey of Pakistan 2018-19
Govt. Unveils Economic Survey of Pakistan 2018-19

Advisor to Prime Minister on Finance Abdul Hafeez Shaikh says crucial decisions are being made to correct the course of economy and stabilize it. Unveiling the Economic Survey 2018-19 in Islamabad on Monday (June 10) , he said Pakistan is endowed with natural resources including fertile land, long coast line, hardworking people, rich minerals and a number of other assets.

The survey covered all the important sectors of the economy, such as growth and investment, agriculture, manufacturing, mining, fiscal development, money and credit, capital markets, inflation, and debt and liabilities.

Hafeez Shaikh said the government inherited a weak economy with a total debt touching 31000 billion rupees which were taken over the previous years. He said in the coming years, 3000 billion rupees will have to be paid in terms of interest only on these loans.

The Advisor on Finance said 97 billion dollars were taken as external loans while the wealth producing capacity of the country was increased by zero percent due to no raise in exports in all these years. This is an alarming situation for the country’s economy and the rupee is facing a lot of pressure. Hafeez Shaikh said 2300 billion rupees were spent beyond income that resulted in printing more currency notes and leading towards inflation. He said Prime Minister Imran Khan has shown the commitment to make difficult decisions in order to change things on permanent basis.

 

Key statistics from Survey

Agriculture: Actual growth recorded at 0.85 percent as opposed to target growth of 3.80 percent.

Major crops: Actual growth recorded at negative 6.55 percent as opposed to target growth of 3.00 percent.

Other various crops: Actual growth recorded at 1.95 percent as opposed to target growth of 3.50 percent.

Cotton Ginning: Actual growth recorded at negative 12.74 percent as opposed to target growth of 8.90 percent.

Livestock: Actual growth recorded at 4.00 percent as opposed to target growth of 3.80 percent.

Fishing: Actual growth recorded at 0.79 percent as opposed to target growth of 1.80 percent.

Industries: Actual growth recorded at 1.40 percent as opposed to target growth of 7.60 percent.

Mining; Actual growth recorded at negative 1.96 percent as opposed to target growth of 3.60 percent.

Small Industries: Actual growth recorded at 8.20 percent in line with target growth.

Construction: Actual growth recorded at 7.57 percent as opposed to target growth of 10.00 percent.

Services: Actual growth recorded at 4.71 percent as opposed to target growth of 6.50 percent.

Wholesale and Groceries Businesses: Actual growth recorded at 3.11 percent as opposed to target growth of 7.80 percent.

Transport, Storage, and Communications: Actual growth recorded at 3.34 percent as opposed to target growth of 4.90 percent.

Finance and Insurance: Actual growth recorded at 5.14 percent as opposed to target growth of 7.50 percent.

Housing Services: Actual growth recorded at 4.00 percent in line with the target growth.

General Government Services: Actual growth recorded at 7.99 percent as opposed to target growth of 7.20 percent.

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