47. Pakistan Economic Survey 2011-12 - Consultancy Services in ...

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Highlights of the Pakistan Economic Survey 2011-12 The highest damage occurred in the agriculture, livestock and fisheries sector, has beenestimated at Rs.160 billion (US$ 1.84 billion). The total damage caused by 2011 floods has been estimated [direct damage and indirectlosses] amounting to Rs.324.5 billion (US$ 3.7 billion). The total cost of recovery and reconstruction needs has been estimated at Rs.239 billion(US$ 2.7 billion).18
Executive SummaryThe Government remained focused on maintainingmacroeconomic stability, growth, mobilizingdomestic resources and increasing exports,balanced regional development and providingsafety nets for the vulnerable groups. Despitenumerous challenges, the economy performedbetter in 2011-12 than many developed anddeveloping economies. These included sharpincrease in fuel and commodity prices,recessionary trend globally and weak inflows.Domestically, economy was struck by heavy rainsin Sindh and parts of Balochistan costing $ 3.7billion. Notwithstanding these challenges, theGross Domestic Product growth this year isestimated at 3.7 percent as compared to 3.0 percentlast year.In comparison, the global recovery is threatened byintensifying strains in the euro area and fragilitieselsewhere. International Monetary Fund hasmaintained its growth forecast of 2.1 percent forUnited States in the year 2012, negative 0.3percent for Euro area, 0.8 percent for UnitedKingdom, 5.7 percent for Emerging andDeveloping Economies after factoring China (8.2percent) and India (6.9 percent) and 2.0 percent forJapan.Despite global slowdown, Pakistan has managed tomaintain its exports during July-April 2012 to lastyear’s level which saw a phenomenal growth.Remittances remained buoyant and estimated atclose to $ 13 billion, an increase of 16 percent.Recessionary trend globally have, however,impacted capital flows to Pakistan. Currentaccount balance was affected due to sharp increasein oil prices and import of 1.2 million metric tonsof fertilizer.Tax measures enforced by the Government inApril 2011 has yielded dividend. July-April 2012growth in FBR tax revenues demonstrated agrowth of 24 percent with Rs. 1445 billion ascompared to 1250 billion last year. Efforts areunderway to reach the ambitious target of 1952billion. Non-tax receipts have been less due to nondisbursement of anticipated coalition support fundsand delaying the expected auction of 3 G license toa later part of summer.Growth and StabilizationThe economy is now showing signs of modestrecovery. GDP growth for 2011-12 has beenestimated 3.7 percent as compared to 3.0 percent inthe previous fiscal year 2011. The Agriculturesector recorded a growth of 3.1 percent against 2.4percent last year. The Large Scale Manufacturing(LSM) growth is 1.1 percent during July-March2011-12 against 1.0 percent last year. Overall, thecommodity producing sectors and especially theAgriculture sector have performed better. TheServices sector recorded growth of 4.0 percent in2011-12.Flood Impact AssessmentThis performance has been achieved despite severemonsoon rains triggered floods of anunprecedented scale in Southern Pakistan,engulfing 23 districts of Sindh Province andadjoining areas of northern Balochistan causingdamages to crops, infrastructure and humansettlements, thus adversely affecting nationaleconomy.According to the World Bank and the AsianDevelopment Bank (ADB) Damage and Needsi
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AgriculturePoultry Development poli
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AgricultureIn this connection, two
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Chapter 3Manufacturing and Mining3.
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Manufacturing and MiningManufacturi
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Manufacturing and MiningBox-2LSM Da
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(i) Cotton Spinning SectorThe spinn
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Manufacturing and Miningyear. Howev
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Manufacturing and MiningEast. Expor
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Manufacturing and Miningsubstitute
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Chapter 7InflationThe global econom
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InflationThe basket of goods that m
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Table:7.6 Rate of Inflation on the
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InflationPercent1918171615141312111
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InflationTable:7.11 Essential items
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InflationRegional PricesPrices of e
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Chapter 8Trade and PaymentsThe unfa
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Trade and Paymentsthe services acco
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This was mainly due to current acco
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Trade and PaymentsTable 8.3: Struct
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Trade and Paymentsconcentration is
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Table 8.6: Structure of ImportsPart
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Trade and PaymentsAmendments in Exp
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Chapter 11Health and NutritionAcces
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Health and NutritionHealth Expendit
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achieved in the case of BHUs and 95
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Health and Nutritionglobal initiati
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Health and Nutritiontook necessary
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Chapter 12Population Labour Force a
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Age Composition of PopulationThe ag
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Population, Labour Force and Employ
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Table-12.16: Unemployed - Pakistan
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Chapter 14EnergyEnergy is considere
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EnergyStock Issue• Recovery of re
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Energy14.1 Energy ConsumptionPakist
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Energyto 21.4 percent last year. Th
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Energy14.2-d CoalPakistan has huge
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tariff increases of 6%, 12% and 6%
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Energy14.3-b Petroleum ProductsPetr
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Energybecome a popular domestic fue
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EnergyAlso Laraib Energy Limited (
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EnergyTable 14.14: Oil and Gas Disc
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Energy14.5 Performance of Power Sec
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Energytrend of hydro-thermal energy
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Energy14.5-c Private Power and Infr
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Energy Proposal for undertaking a f
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Chapter 15Social Safety NetsBackgro
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Social Safety NetsBox-1Poverty Alle
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Social Safety NetsTable 15.4: Perce
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Social Safety Netsenterprise develo
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Social Safety Netsdignity of househ
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period of last year. Furthermore, i
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Social Safety Netsand ensure growth
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