Claims of very high GDP growth by the previous PML-N government were proven wrong after the annual GDP growth figures of the 2017-18 fiscal year were revised downward from 5.79% to 5.22% during the National Accounts Committee meeting in Islamabad on Friday.
The 100th meeting of the National Accounts Committee to review the final and revised GDP estimates of for the years 2016-17 and 2017-18 was chaired by the statistics division secretary.
The provisional GDP estimates for 2017-18 and revised GDP estimates for 2016-17 presented during the 99th meeting have been updated based on the latest available data.
The special meeting was called to meet the requirements of the Ministry of Planning, Development and Reform for revised GDP data for 2017-18 to provide them a baseline to work on the 12th Five Year Plan (2018-23).
The final GDP growth rate for 2016-17 has been estimated at 5.37%, which was 5.38% in the revised estimates, according to the Pakistan Bureau of Statistics.
The agriculture sector has improved from 2.07% to 2.18% whereas the industry sector declined from 5.43% to 5.2%. The final growth rate of the services sector stands at 6.52% with a slight improvement from the original figure of 6.46%.
The revised GDP growth rate for 2017-18 is 5.22%, which was provisionally estimated at 5.79%.
The revised growth in the agriculture sector for 2017-18 has been estimated at 3.7%, which was provisionally estimated at 3.8%. The crops subsector has improved from 3.83% to 4.24%, whereas livestock has slightly decreased from 3.76% to 3.62%.
In the industrial sector, the revised rate is 5.01%, compared to the provisional estimate of 5.8%. Mining and quarrying has improved from provisional growth of 3.04% to 3.89% whereas LSM, which is based on the QIM, has declined from 6.13% to 5.01%. Electricity has declined from 1.84% to 1.15%.
The revised growth in construction sector stands at 7.07% which was 9.13% in the provisional estimates.
The growth of the services sector has declined from a provisional estimate of 6.43% to 5.78%. Wholesale and retail trade has declined from 7.51% to 6.4% and transport, storage and communication declined to 1.96% from a provisional growth of 3.58%. Finance and insurance has registered a decline from 6.13% to 5.4%.
General government services have declined from 11.42% to 9.58%, whereas other private services increased from 6.15% to 8.09%.
Five years ago, when the PML-N government came into power in 2013, the GDP growth rate was recorded at 3.68% for 2012-13. In 2017-18, at the end of its tenure, the party claimed that the 5.79% GDP growth rate was the highest in the last 10 years or so. However, Imran Khan’s PTI always expressed reservations about the economic figures compiled by the PML-N government.