Pakistan Economic Survey 2009-10 Highlights
Pak Economy Add comments
Jun 042010
Associated Press of Pakistan
Following are the highlights of Economic Survey 2009-10 launched by Advisor to Prime Minister on Finance, Dr. Hafeez Shaikh on Friday.
— The economy grew by 4.1% during 2009-10 after a modest growth of 1.2 % in 2008-09.
— The agriculture grew by 2% against the target of 3.8 % and previous year’s growth rate of 4 %. While the crops sub-sector declined by 0.4 % over the previous year, livestock posted a healthy rise of 4.1 %.
— The industrial output expanded by 4.9 %, with Large Scale Manufacturing posting a 4.4 % rate of growth.
— The services sector grew by 4.6 % as compared to 1.6 % in 2008-09.
— The unemployment rate has increased to 5.5 % from 5.2 %, largely due to the increase in urban unemployment to 7.1 % from 6.3 %.
— A substantial decline in Foreign Direct Investment inflows for the period also contributed to the decline in fixed investment in the year.
— Per capita income is estimated at Rs.87,810 (US$1,051) in 2009-10, based on revised population numbers released by the sub-group-II for the 10th 5-year Peoples Plan2010-15.
— Pakistan has achieved impressive initial gains in restoring macroeconomic stability in the aftermath of the balance of payments crisis of 2008.
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— For 2009-10, the fiscal deficit is aimed to be kept in check at 5.1 % of GDP, despite the absorption of larger-than-budgeted security-related spending.
— The external current account deficit was contained to 5.6 % of GDP (US$9.3 billion) in 2008-09 from a high of 8.3 % of GDP in 2007-08 (US$13.9 billion).
The current deficit is expected to decline to under 3 % of GDP in the current year.
— Foreign exchange reserves have been rebuilt to nearly US$15 billion, from their low of under US$6 billion in October 2008.
— Inflation declined from 25 % in October 2008 to a recent low of 8.9 % in October 2009, though it has accelerated sharply of recent and is showing persistence.
— Over all CPI inflation accelerated to 13.3 % year-on-year in April, with food inflation at 14.5 % and non-food inflation at 12.2 %. The total
installed electricity generation capacity has increased to 20,190 MW during July-March 2009-10 from 19,780 MW during the same period of last year
— The number of villages electrified increased to 147,038 by March 2010 from 133,463 by March 2009, showing an increase of 10 %.
— Currently some 3,116 CNG stations are operating in the country. By March 2010 bout 2 million vehicle were converted to CNG.
— The National Highway Authority has targeted completion of different projects with total length of well above 2000 kilometers during 2010.
— In Railway, there has been fall in growth rate of both in passenger traffic and freight traffic because of law and order situation and less overall availability of locomotive for freight traffic.
— The Mid-Term Development Framework: 2005-2010 has been developed in line with the National Environment Action Plan objectives and focuses its four core areas including clean air, clean water, solid waste management and ecosystem management.
— The National Drinking Water Policy has been approved by the cabinet in order to provide adequate quality of drinking water to the population in an efficient and sustainable manner.
— The latest revised estimates of population stood at 173.54 million in 2009-10. at the existing trend, the total population will reach 177.1 million in 2011 and 210.1 million by 2020.
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— Life expectancy in Pakistan is estimated at 64.1 years.
— About 3 million labour force is estimated as unemployed in 2009-10 with an unemployment rate of 5.5 %.
— Agriculture remains the dominant source of employment in Pakistan, Manufacturing employs 13.3 %, trade 16.5 % and services 11.2 % of the labour force.
— Overseas employment is being encouraged by the Ministry of labour , Manpower and Overseas Pakistanis. More than US$6 billion would be earned during the next budget year.
— For July-April 2010, direct taxes have been a major source
of FBR tax revenue collection, contributing 38 per cent of total receipts. Net collection was estimated at Rs. 389.5 billion.
— Total Expenditure of Rs. 2,877.4 billion was estimated for the full year, consisting of Rs. 2,260.9 billion of current expenditure and Rs. 616.5 billion of development expenditure, including net lending.
— Current expenditure was estimated to account for 79% of total spending,with development and net lending at 21% of the total. Debt servicing accounted for 27% of total expenditure in the federal budget 2009-10, a susbstantial decline of nearly five percentage point over 2008-09 actual.
— After peaking at 15% in November 2008, the central bank has eased the policy discount rate in steps to the current 12.5% in response to a gradual easing of both headline as well as core inflation and the containment of aggregate demand pressure in the economy.
—The net bank credit to the government and budgetary support amounted to Rs. 286.4 billion during July-23 April 2010 against Rs. 239.5 billion during the same period last year.
—Net Foreign Assets of the banking system increased by Rs. 49.7 billion during July- 23 April FY1.
—Inflationary pressure intensified in 2009-10 on account of spike in global commodity prices mainly relating to food and energy, in the early part of the current fiscal year.
—Food inflation on average basis rose to 12% and that of non-food to 11%.
— Overall exports recorded a positive growth of 8% during the first ten months (July-April) of the current year against a decline of 3% in the same period last year.
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—Imports during the first ten months declined by 2.8% compared with the same period last year, reaching to $28.1 billion.
—Trade deficit improved by 13.9% from $14,218 million in July-April 2008-09 to $12,238 millio0n during July-April 2009-10.
—Total Public Debt posted a growth of 12.2% during the first nine months of the current fiscal year and reached to Rs. 8,160 billion a the end of March 2010. —During the first next months of the current fiscal year Pakistan’s external debt and liabilities increased by $2 billion or 3.8 %.
— Foreign currency debt flows during the year have been dominated by disbursements under IMF SBA. — Servicing of the external debt and liabilities during the first nine months of FY10 amounted to $4.3 billion. — Low GDP growth in 2008-09 (1.2%), high and rising food inflation, rising unemployment and increasing energy prices might have adverse impact on average Pakistani household. —Workers remittances to Pakistan are showing a robust upward trend adding to the socio- economic well-being of many households in terms of consumption, employment and investment. — Social safety nets have been strengthened. Benazir Income Support Programme is being streamlined. Pro-poor spending is significantly rising over recent years; from 3.77% of GDP in FY 2001-02.
— Agriculture and services sector are the largest employment providers. Agriculture which has the highest share in employment has already improved in terms of growth in 2008-09 and is expected to grow at the rate of 2% in 2010.
— The overall literacy rate which was 56% in 2007-08 has increased to 57% in 2008-09, indicating an 1.8% increase over the same period last year.
—Male literacy remained the same at 69% in 2007-08 and 2008-09, while it increased from 44% to 45% for females during the same period.
— Province-wise literacy date of PSLM (2008-09) shows Punjab stood at 59%, Sindh 59%, Khybar Pakhtunkhwa 50% and Balochistan 45%.
— There are currently 226,552 institutions in the country. The overall enrollment is recorded at 37.18 million with teaching staff of 1.37 million.
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— At present there are 968 hospitals, 4813 dispensaries, 5345 basic health units and 906 maternity and child health centres. — Some 100,000 Lady Health Workers (LHWs) have been trained and deployed mostly in the rural areas. Moreover some 7 million children have been immunized and 19 million packets of ORS distributed.
— 2009-10 started with a recovery in the Capital Markets following the global financial crisis. The KSE-100 Index crossed the 10,000 points barrier on 12th March, 2010, however it could not be sustained. Aggregate Market Capitalization increased by Rs.559 billion, to Rs.2693 billion as of 28th May 2010. — Net inflow of foreign investment in Pakistan from July 2009 to March 2010 was US$431.9 million which was a large increase considering the negative foreign portfolio investment in the last financial year.
— Production of crude oil per day has decreased to 65,245.7 barrels during July-March 2009-10 from 66,531.5 barrels per day during the same period of last year, showing a decrease of 1.9 %. — The average production of natural gas per day stood at 4,048.8 million cubic feed during July-March 2009-10 as compared to 3,986.5 million cubic feed over the same period of last year, showing an increase of 1.56 %.
Sourse:Economic survey of Pakistan
