Finance Minister Ishaq Dar is presenting the economic survey for the fiscal year 2023 at a press conference in Islamabad.
Before presenting his government’s economic performance for the year, the minister went on a diatribe explaining the condition in which the Pakistan Democratic Movement (PDM) had inherited the economy.
He claimed that he had left Pakistan in a strong economic position in 2017, when he last served as the finance minister under Nawaz Sharif, saying that his topmost priority at this stage was ensuring macroeconomic stability.
Growth
According to documents shared by the minister, Pakistan achieved Gross Domestic Product (GDP) growth of 0.29 percent for the outgoing fiscal year, missing the target of 5pc by a wide margin.
This paltry growth came on the back of 1.55pc, -2.94pc, and 0.86pc growth in the Agriculture, Industry, and Services sectors respectively, all three missing their targets comprehensively.
Most notable was the 2.94pc contraction in the industrial sector, against a target of 7.1pc growth.
Inflation
According to documents shared by the minister, Pakistan registered inflation of 29.2pc in the 11-month period from July 2022 to May 2023, against 11.3pc in the same period last year.
The government had targeted inflation at 11.5pc for FY2023, missing its target significantly because of a sharp depreciation of the rupee and global supply shocks resulting in pricey imports.
FBR tax collection
The Federal Board of Revenue (FBR) tax collection grew 16.1pc to Rs6,210bn from July to May, compared to Rs5,348.2bn in the year-ago period.
