The ‘Economic Survey of Pakistan 2004-2005’:http://www.finance.gov.pk/survey/home.htm was released by the govt. on June 4, 2005. Even the overviews are a bit long, so the following is quick summary of the key facts:
Growth rate: *8.4%* _this is the figure being talked about everywhere – making Pakistan the second fastest growing economy in the world, just behind China._
Inflation: *9.3%*, compared to 3.9% last year.
Net Govt. Revenue: *Rs 451.1 billion* during the first nine months of the fiscal year, expected revenue *Rs 590 billion* against a total expenditure estimated at *Rs.1050.4 billion* in 2004-05.
Defence expenditure: *Rs 194 billion*, 7.5 per cent higher than last years. _this figure is wrong, as it does not include pensions, and a few other items such as military pensions of over Rs35 billion._
Per capita income: *$736*, almost 12 per cent higher than last years $657.
GDP: *$123 billion*.
Literacy rate: *52%*. _This is a doubtful figure, and was questioned during the press conference – no one believed it. Pakistan’s official definition of literacy is not in line with international norms, hence 52% is extremely optimistic_
Unemployment rate: *7.7%*
Per capita water availability: 1,005 cubic metres _this is very low_
Agriculture: *7.5%* growth, but 38% of Pakistan�s irrigated land is waterlogged and 14% is saline. Agriculture accounts for nearly 23 per cent of Pakistan�s GDP and employs 42 per cent of its workforce.
Handouts give to nationalized loss making companies: *Rs 94.57 billion, or 16% of all taxes!* _this is a staggering figure. The major -beneficiaries- blood sucking leeches on the back of the Pakistani taxpayer are FFC Jordon, TCP, PIA, Pakistan Steel, Railways, Wapda, KESC, Saindak, Utility Stores and others_
Debt: *$36.62 billion external* and approx *$73 billion internal*. More than 30% of Pakistan’s budget goes to debt servicing.
Exports: * $10.2 billion* in the first 9 months of the current fiscal year.
Imports: *$14.5 billion* in the first 9 months of the current fiscal year.
Roads: *259,758 Km* in March 2005
Health Budget: *Rs 38.0 billion*.
Electricity Generation Capacity: *19,389 MW* _both thermal and hydel_
‘The actual survey’:http://www.finance.gov.pk/survey/home.htm :: The Ministry of Fianace has a actual website, with usefull content! Thats quite amazing, considering the rest of the govt. websites.
h4. reactions to the survey:
bq. The paradox of our economic situation is that despite higher economic growth, the trickledown effect to address issues of poverty alleviation, or bridging widespread income inequality or creating more jobs, has not taken place as much as one would have wished.
>> ‘Outgoing fiscal year: options and constraints’:http://www.jang-group.com/thenews/jun2005-weekly/busrev-06-06-2005/p3.htm
An interesting question: ‘Is high economic growth combating rural poverty?’:http://www.jang-group.com/thenews/jun2005-weekly/busrev-06-06-2005/p12.htm
What are the effects of the stock market boom and the rise in property values? There are other interesting questions… more links will be added later.
h4. Overview of the Economic Survey 2004-2005
_executive summaries by the leading newspapers_
* ‘Jang Group – The News’:http://www.jang-group.com/thenews/jun2005-daily/05-06-2005/business/b14.htm :: overview and executive summary of the survey.
* ‘Dawn: Executive summary of Economic Survey 2004-05’:http://www.dawn.com/2005/06/05/ebr1.htm
* ‘Business Recorder’:http://www.brecorder.com/index.php?id=271072&currPageNo=1&query=&search=&term=&supDate=