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Govt fails to achieve economic targets for fy22-23

Islamabad: Pakistan failed to meet the majority of its economic goals for the current fiscal year despite increasing taxes and reducing power subsidies to the sectors.

The details show that the majority of the economic goals for the current fiscal year were not met. The aim for economic growth, according to the documents given to the Public Accounts Committee, was 5%, but it only reached 0.3%.

The goal for industrial development was 5.9%, but it only reached 2.9%. Agriculture’s growth was expected to increase by 3.9%, but it actually increased by 1.55%. Similarly, to this, the aim for the growth of the services sector was 5.1%, but just 0.8% was actually attained.

Economic growth in the large industries was expected to increase by 7.4%, but it actually decreased by 7.9%, and growth in the forestry sector was expected to increase by 4.5% but only by 3.9%.

According to the National Accounts, the growth rate of the livestock industry remained at 3.7%, that of the fishing industry was 1.4%, that of the mining industry was negative at 4.4 percent, that of the manufacturing sector was negative at 3.9%, but that of electricity generation saw an increase of 6%, and that of the construction industry was negative at 5.5%.

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