PDM Rule
ISLAMABAD: In a pivotal revelation by the National Accounts Committee (NAC), Pakistan’s Gross Domestic Product (GDP) has undergone a significant adjustment, contracting by 0.17% rather than the initially reported growth of 0.29% during the fiscal year 2022-23 under the Pakistan Democratic Movement (PDM)-led coalition government. This recalibration underscores economic challenges faced during the PDM rule.
The NAC, meeting on Tuesday, officially confirmed this economic shift and concurrently approved the first-quarter GDP growth rate for the fiscal year 2023-24 at 2.13%. Marking a crucial departure, the government has adhered to a strict deadline imposed by the International Monetary Fund (IMF), releasing economic performance data quarterly.
The revised figures for fiscal year 2021-22 indicate an upward adjustment in GDP growth to 6.17%, slightly surpassing the earlier estimate of 6.1%. This adjustment is attributed to fractional improvements in the agriculture sector, industrial activities, and services.
Notably, industrial activities improved from 6.83% to 6.95%, while services increased from 6.59% to 6.66%. However, the mining and quarrying sector, as well as electricity, gas, and water supply, led to enhanced industrial growth. In services, Information and Communication registered notable growth from 16.32% to 17.96%, contributing to the overall positive adjustment.
Contrarily, the revised GDP growth rate for the fiscal year 2022-23 stands at -0.17%, a stark contrast to the provisional estimate of 0.29% in May. The agricultural sector demonstrated significant improvement, but the industrial and services sectors experienced declines, reflecting challenges during this period.
Despite improvements in certain sectors, the negative revision in GDP growth emphasizes the complexity of economic management during the specified timeframe. The quarterly release of economic data demonstrates the government’s commitment to transparency and adherence to international benchmarks, particularly under the IMF’s Stand-By Arrangement. As Pakistan navigates these economic challenges, the quarterly updates provide a more nuanced understanding of the evolving economic landscape.
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