PAKISTAN

ECONOMIC
SURVEY
2020-21
Table of Contents

i. GDP Growth Rate 3

ii. Sector – Wise Growth Rate 4
iii. Consumer Price Index (CPI) 5
iv. Income per Capita 6
v. Current Account Balance 7
vi. Worker Remittances Growth 8
vii. Trade Deficit 9
viii. Fiscal Deficit 10
ix. Revenue & Expenditure as % GDP 11
x. Breakup of Revenue as % of GDP 12
xi. Breakup of Expenditure as % of GDP 13
xii. Defence Expenditure 14
xiii. Investments - to – GDP 15
xiv. Savings as % of GDP 16
xv. Debt Outstanding 17
xvi. Mobile Phone Subscribers 18
 ECONOMIC GDP Growth Rate
SURVEY Pakistan's GDP growth rate clocks in at 3.90% against a target of 2.1%. Previously, the growth rate had
2020-21 contracted to -0.38% due to the pandemic.

5.53%
5.22%

4.56%
4.05% 4.06%
3.84% 3.90%
3.68%

1.91%

2012 2013 2014 2015 2016 2017 2018 2019 (F) 2020 ( R) 2021 (P)
-0.50%

PPP PPP PML-N PML-N PML-N PML-N PML-N PTI PTI PTI

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised
(F) – Final

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC
Sector – Wise Growth Rate
SURVEY Services sector continues to post highest growth rate
2020-21

Industrial Sector Agriculture Sector Services Sector

6.47% 6.35%
5.69% 5.72%
5.13% 5.18%
4.40% 4.53% 4.46% 4.36% 4.55% 4.61% 4.43%
3.79% 3.57%
2.55%

3.62% 4.00%
3.31%
0.75%2.68% 2.50% 2.77%
2.13% 2.18%
0.15% 0.56%

2012 2013 2014 2015 2016 2017 2018 2019 2020 ( R ) 2021 (P)
-0.55%
-1.56%

-3.77%

PPP PPP PML-N PML-N PML-N PML-N PML-N PTI PTI PTI

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised
(F) – Final

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC
SURVEY Consumer Price Index (CPI)
Inflation saw a slight decline from 10.7% last year to 8.6% during Jul – Mar 2021
2020-21

11.0%
10.7%

8.6% 8.6%

7.4%
6.8%

4.8% 4.7%
4.5%

2.9%

2012 2013 2014 2015 2016 2017 2018 2019 2020 (R ) 2021 (P)

PPP PPP PML-N PML-N PML-N PML-N PML-N PTI PTI PTI

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised
(F) – Final

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC
SURVEY Income per Capita
Pakistan recorded a 13% rise in per capital income from US$ 1360.9 to US$ 1542.5
2020-21

USD 1,630.1 USD 1,651.9

USD 1,514.0 USD 1,529.4 USD 1,542.5
USD 1,459.1
USD 1,388.8 USD 1,360.9
USD 1,320.4 USD 1,333.7

2012 2013 2014 2015 2016 2017 2018 2019 (F) 2020 ( R) 2021 (P)

PPP PPP PML-N PML-N PML-N PML-N PML-N PTI PTI PTI

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised
(F) – Final

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC
SURVEY Current Account Balance
Pakistan reports its first current account surplus since FY2010-11
2020-21

2012 2013 2014 2015 2016 2017 2018 2019 2020 (R ) 2021 (P)

0.30%

-1.1% -1.0%
-1.3%
-1.8% -1.7%
-2.1%

-4.0%
-4.8%

-6.1%

PPP PPP PML-N PML-N PML-N PML-N PML-N PTI PTI PTI

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised
(F) – Final

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC
Worker Remittances Growth
SURVEY Pakistan recorded one of the highest year-on-year growth in remittances sent home by Overseas Pakistanis
2020-21

29.0%

17.7% 18.2%

13.7%

9.2%
6.4% 6.4%
5.6%
2.9%

2012 2013 2014 2015 2016 2017 2018 2019 2020 (R ) 2021 (P)
-2.8%

PPP PPP PML-N PML-N PML-N PML-N PML-N PTI PTI PTI

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Apr
(R )- revised
(F) – Final

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC
Trade Deficit as % of GDP
SURVEY Trade deficit for the period of Jul – Apr 2021 was recorded as 7.1% of the GDP with imports amounting to
2020-21 14.2% of the GDP’s size

Exports as % of GDP Imports as % of GDP Trade Deficit

18.5%
17.4% 17.0% 17.4% 17.7%
16.6%
15.3% 15.7%
14.7% 14.2%

11.0% 10.7% 10.2%

8.9% 8.7% 8.7%
7.9% 7.2% 7.9%
7.0%

2012 2013 2014 2015 2016 2017 2018 2019 2020 (R ) 2021 (P)

-7.0% -6.6% -6.8% -6.4% -6.9% -7.1%

-8.5% -8.0%
-9.8% -9.9%

PPP PPP PML-N PML-N PML-N PML-N PML-N PTI PTI PTI

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Apr
(R )- revised
(F) – Final

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC
SURVEY Fiscal Deficit
Overall deficit narrows down to multi-year low
2020-21

2012 2013 2014 2015 2016 2017 2018 2019 (F) 2020 ( R) 2021 (P)

-3.50%

-4.6%
-5.3%
-5.5%
-5.8%
-6.5%

-8.2% -8.1%
-8.8%
-9.00%

PPP PPP PML-N PML-N PML-N PML-N PML-N PTI PTI PTI

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised
(F) – Final

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC
SURVEY Revenue & Expenditure as % GDP
Total Revenue recorded at 10.5% while expenditure at 13.9% of the GDP for Jul – Mar 2021
2020-21

Total Revenue as % of GDP Expenditure as % of GDP

23.2%
21.6% 21.5% 21.6% 22.0%
21.3%
20.0% 19.6% 19.9%

15.3% 15.5% 15.1% 15.1%

14.5% 14.3% 13.9%
12.8% 13.3% 12.9%

10.5%

2012 2013 2014 2015 2016 2017 2018 2019 (F) 2020 ( R) 2021 (P)

PPP PPP PML-N PML-N PML-N PML-N PML-N PTI PTI PTI

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised
(F) – Final

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC
SURVEY Breakup of Revenue as % of GDP
Tax Revenue recorded as 7.9% of GDP for the first nine months of FY21
2020-21

Tax Revenue Non-Tax Revenue

15.3% 15.5%
15.1% 15.1%
14.5% 14.3%
13.3% 2.7% 2.2%
12.8% 3.0% 12.9%
3.7%
4.3% 3.3% 1.1%
2.6% 3.5% 10.5%

2.6%

12.6% 12.4% 12.9%

11.8% 11.4%
11.0%
10.2% 9.8% 10.2%
7.9%

2012 2013 2014 2015 2016 2017 2018 2019 (F) 2020 ( R) 2021 (P)

PPP PPP PML-N PML-N PML-N PML-N PML-N PTI PTI PTI

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised
(F) – Final

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC
SURVEY Breakup of Expenditure as % of GDP
Development Expenditure stood at 1.6% of GDP while Current Expenditure made up 12.8%
2020-21

Current Expenditure as % of GDP Development Expenditure as % of GDP

23.2%
21.6% 21.5% 21.6% 22.0%
21.3%
20.0% 2.9%
19.6% 19.9%
3.0%
3.9% 5.1% 5.3% 4.7%
4.9% 4.2% 4.5%

13.9%
1.6%

20.5%
18.7%
17.3% 16.4% 16.3% 16.9%
15.9% 16.1% 16.1%
12.8%

2012 2013 2014 2015 2016 2017 2018 2019 (F) 2020 ( R) 2021 (P)

PPP PPP PML-N PML-N PML-N PML-N PML-N PTI PTI PTI

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised
(F) – Final

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC
SURVEY Defence Expenditure as % of GDP
Expense on budget made up 1.6% of the total size of GDP during the period of Jul – Mar 2021
2020-21

3.0% 3.0%
2.9%
2.8%
2.6%
2.5% 2.5% 2.5%
2.4%

1.6%

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 (P)

PPP PPP PML-N PML-N PML-N PML-N PML-N PTI PTI PTI

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised
(F) – Final

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC Investments - to - GDP
SURVEY The GDP Growth Rate of 3.94% was over the targeted rate of 2.1%. It is a significant recovery from the
2020-21 contraction of 0.38% seen in the last financial year due to the pandemic

Fixed Investment Public Investment Private Investment Total Investment

17.3%
16.2%
15.7% 15.7% 15.6% 15.3%
15.1% 15.0% 15.2%
14.6%

15.7%
14.1% 14.1% 14.6% 14.0%
13.5% 13.4% 13.0% 13.7% 13.6%

10.4% 10.3% 10.1% 10.5% 10.8% 10.6%

9.7% 9.8% 9.9% 9.8%

4.5% 5.2%
3.7% 3.5% 3.2% 3.7% 3.8% 3.6% 3.2% 3.8%

2012 2013 2014 2015 2016 2017 2018 2019 (F) 2020 ( R) 2021 (P)

PPP PPP PML-N PML-N PML-N PML-N PML-N PTI PTI PTI

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised
(F) – Final

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC Savings as % of GDP
SURVEY Proportion of amount invested into National Savings rises
2020-21

National Savings Foreign Savings Domestic Savings

15.3%
14.7%
13.9% 13.9% 13.6%
13.0% 13.4%
12.0%
11.3%
10.8%

8.7% 8.6%
7.8% 7.7% 7.8%
6.5% 6.8%
6.1% 5.9% 5.8%
4.8%
4.1% 4.1%

2.1% 1.7% 1.7%

1.1% 1.3% 1.0%

2012 2013 2014 2015 2016 2017 2018 2019 2020 (R ) 2021
-0.1%(P)

PPP PPP PML-N PML-N PML-N PML-N PML-N PTI PTI PTI

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised
(F) – Final

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC
Debt Outstanding
SURVEY Outstanding Debt of Pakistan continued to grow during this financial year also
2020-21
Disbursed Undisbursed

$20,660mn
$19,032mn
$17,739mn
$19,573mn
$21,524mn
$20,669mn
$15,770mn $18,559mn
$10,316mn $9,954mn

$74,558mn $79,185mn
$70,601mn
$65,526mn
$52,979mn $57,643mn
$46,349mn $44,350mn $48,978mn $47,832mn

2012 2013 2014 2015 2016 2017 2018 2019 2020 ( R ) 2021 (P)

PPP PPP PML-N PML-N PML-N PML-N PML-N PTI PTI PTI

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised
(F) – Final

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
 ECONOMIC
Mobile Phone Subscribers
SURVEY Number of Mobile Phone subscribers expanded by 9% until Mar 2021
2020-21

182mn

167mn
161mn
150mn
140mn 140mn
133mn
129mn
120mn
115mn

2012 2013 2014 2015 2016 2017 2018 2019 2020 (R ) 2021 (P)

PPP PPP PML-N PML-N PML-N PML-N PML-N PTI PTI PTI

Source : Ministry of Finance, Pakistan

(P) – Provisional, Jul – Mar
(R )- revised
(F) – Final

This report is prepared for information only. The material used in this report has been taken from sources that are considered reliable, but we do not guarantee that it is accurate and complete. CS Solutions (Pvt) Limited & its employees bear no liability for any direct or indirect consequential loss arising from use of this report.
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