Pakistan revises 2020-21 economic growth rate up to 5.37%

ISLAMABAD — Pakistan has revised its economic growth rate for the previous fiscal year 2020-21 up to 5.37 percent from 3.9 percent, Planning and Development Minister Asad Umar announced on Thursday.

In a tweet, Umar said the National Accounts Committee (NAC) had approved the revised gross domestic product (GDP) growth estimate for the previous fiscal year.

“Growth in 2020-21 was 5.37%. This is the second strongest growth of the last 14 years. Higher growth compared to provisional estimates which were based on July-March figures, was mainly due to very strong industrial growth in April-June,” the minister wrote.

The government revised the GDP rate for 2020-21 for the second because initially it had set it at 2.3% in the 2020 annual budget and later revised it to 3.9%.

The Ministry of Planning said in a statement that the CNA had reviewed and approved the rebased series from 2015-16 to 2020-21 on the prices of 2015-16.

“Due to improved coverage and better estimation of the input-output structure of industries, gross value added increased by Rs 3.1 trillion in the base year 2015-2016 from Rs. 27.4 trillion to Rs. 30.5 trillion,” he added.

Comments are closed.