ISLAMABAD (Eshfak Mughal):- The Pakistan’s economy size swelled to $346 billion due to rebasing of National Accounts from 2005-06 to 2015-16.

The 104th meeting of the National Accounts Committee to review the change of base of National Accounts from 2005-06 to 2015-16 was held on January 20th 2022 in Ministry of Planning, Development & Special Initiatives here in Islamabad. The Secretary, Mr. Abdul
Aziz Uqaili, M/O Planning, Development & Special Initiatives chaired the meeting.

Usually NAC meeting is held in May every year however this meeting has its own significance as it reviewed and approved the rebased series from 2015-16 to 2020-21 on the prices of 2015-16. The PBS being a National Statistical Organization has to comply with the international standards while compiling national indicators of economy. The methodology adopted in the rebasing is in line with the 2008 System of National Accounts (SNA).

During 2014-15 to 2016-17, PBS has conducted about 45 census/surveys/studies to properly capture the economic activities in the country. The results of these census/surveys/studies have already been reviewed by internal and World Bank experts. Efforts have been made to include new economic activities. Dedicated surveys and studies have been conducted to capture the share of economic activities in the economy. Input output ratios of various industries have been updated, which has resulted in better reflection of their contribution in the economy.

Due to improved coverage and better estimation of input output structure of industries, the gross value addition has increased by Rs. 3.1 Trillion in the base year 2015-16 from Rs. 27.4 to Rs.30.5 Trillion, showing an increase of 11.3% in the Gross Value Added (GVA) for the base year 2015-16. This shows that in the previous base of 2005-06 economy was under estimated by 11.3%. Agriculture showed an increase of 8.3% from Rs. 6.7 to 7.3 Trillion, Industry grew by 11.9% from Rs. 5.3 to 5.9 Trillion and Services enhanced by 12.5% from Rs. 15.3 to 17.3 Trillion.

With rebasing and level shift of the economy from Rs. 29.1 trillion to Rs. 32.7 trillion in 2015-16, the GDP at market prices increased to 55.5 trillion in 2021, and Gross National Income increased to Rs. 59.3 trillion. The Per Capita Income increased to Rs. 266,614 or $1,666 in 2020-21. The size of the economy reached $346.76 billion.

Since, 2020-21 was the recovery year after COVID 19, so all the industries have shown impressive growth.

  1. U.

By adminmy

Leave a Reply

Your email address will not be published.