ISLAMABAD, January 25: Notwithstanding the global economic shocks caused due to Covid-19 pandemic, the county’s economy has performed well as is clearly demonstrated by several macroeconomic indicators. The overall Gross Domestic Product (GDP) growth, during the fiscal year 2020-21 was recorded at 5.37 percent, the second highest growth in last 14 years, according to National Accounts Committee (NAC). According to the final numbers approved by the committee, the per capita increased to Rs 266,614 or US$ 1,666 in 2020-21 while the size of the economy reached to US$ 346.76 billion. During this year, the tax collection exceeded targets, the foreign exchange reserves improved, the large-scale manufacturing performed well whereas there was considerable growth in remittances and exports from the country. This growth was achieved when rest of the world was encountering massive output contractions as it had shrunk by 8% in India, 10% in United Kingdom 3.7% in United States of America and 6.5% in Iran. “At a time when the economy of the whole world witnessed negative growth, the Pakistan economy performed well owing to prudent policies introduced by the government,” President Islamabad Chamber of Commerce and Industry (ICCI), Shakeel Munir told state-run official media. The economic indicators that performed well and contributed in positive outcome of GDP included remittances, which piled up to record level to US$29.4 billion, from US$23.1billion year earlier. The federal taxes registered a record growth in FY21 and came almost Rupee one trillion more than 2018 level at Rupee 4,764 billion. Similarly, the growth in non-tax revenue witnessed a massive increase to Rupee 1,630 billion, according to report by Finance Ministry. The Large Scale Manufacturing (LSM) during the fiscal year 2020-21 grew by 14.85 percent as compared to the corresponding period of last fiscal year. DNA
- Latest
- Trending
