Govt to unveil Economic Survey 2018-19 tomorrow
The survey will provide an overview of the national economy
ISLAMABAD (Dunya News) – Government is all set to formally launch the pre-budget document, Economic Survey 2018-19 on June 10 (Monday), to share the key economic indicators and the performance of different sectors of the economy.
The pre-budget document is scheduled to be shared with media at a press conference will be held in Islamabad during which an overview of the economic progress made in recent years in Pakistan would be provided, official sources said.
The survey will provide an overview of the national economy, highlighting performance and achievements in different sectors during the fiscal year.
The survey will cover the development of all the important sectors of economy, including growth and investment, agriculture, manufacturing, mining, fiscal development, money and credit, capital markets, inflation, debt and liabilities.
It will also highlight the performance of agriculture, education, health and nutrition, besides showing the overall population, labour force and employment, poverty, transport and communication and per capita income.
The survey will also highlight issues of environment, contingent liabilities, tax expenditure as well as economic and social indicators.
Meanwhile, on Tuesday, June 11, the government will present its first Federal Budget for the fiscal year 2019-20, with special focus on fiscal management, revenue mobilization, measures for economic stabilization and growth, reduction in non-development expenditures; boosting exports besides providing relief to the masses, promoting investment for job creation and people friendly policies for the socio economic prosperity of the country.
Main focus in the budget would be on fiscal consolidation, revenue mobilization while the government is likely to enhance allocations for social safety net for providing maximum relief to vulnerable segment of the society, sources said.
The government would also launch the annual plan, highlighting government s preparation and planning for the upcoming fiscal year in different sectors of national economy.
Earlier, in a series of tweets, Spokesperson for Finance Division Dr Khaqan Najeeb said, “Dr. Hafeez Shaikh & the economic team extensively reviewed the Federal Budget 2019-20 today to finalize proposals & allocations.
The Budget focuses on ensuring economic stabilization, undertaking projects which create jobs & providing economic stimulus for sustainable growth.”
"Upcoming fiscal budget will emphasize on austerity, fiscal discipline, external sector management and protecting the poor," he added.
“Sound policies will lay the foundation of sustainable growth and secure a better future for citizens,” he maintained.
No economic target achieved
On the other hand, the government has missed all the key economic targets for the current fiscal year where Gross Domestic Product locked at 3.3 percent and was almost halved from the target set at 6.2 percent owing to sharp drop in agriculture production and negative growth heralded at industrial sector.
Manufacturing sector slided by 0.3% and government may set target of 2% for 2019-20 in this sector. LSM has shown negative growth of 2% vs targeted 8.1%. LSM target for new fiscal year may be set at 2.8%
Services sector grew by 4.7% and the target set in this sector was 6.5%. Services sector is likely to show growth of 4.8% in FY2020.
Construction sector showed negative trend and droped by 7.6% against 10% target. Construction growth target for new fiscal year is likely to set at 1.5% by the government.
Agriculture sector grew by 0.8% and agriculture sector growth target was set at 3.8% but for new fiscal year government may set agriculture sector target at 2.9%.
Main commodity recorded a slide of 6.5% and main commodities production for 2019-20 may be set at 3.5%. Other commodities output increased by 1.5%. Target in this sector in 2018-19 was 3.5% and for FY20 target is likely to set at 3.5%.
Cotton output has decreased by 12.7% against 8.9% growth target. Cotton may grow by 3.1% in FY20.
Livestock has grown by 3% against target of 3.8% .Target for Livestock for 2019-20 may be set at 2.5% by the government.
PM Imran Khan s government came to power in August facing a yawning budget deficit expected at around 7% of gross domestic product as well as a balance of payments crisis, with foreign exchange reserves that cover less than three months of imports.
It has promised reforms to stimulate exports, cut the deficit and overhaul the power sector, and has pushed ahead with an ambitious infrastructure development project with China. But Pakistani households have struggled, with inflation running at more than 9%.
