The country’s GNP stands at Rs49.4tr
ISLAMABAD: Pakistan’s gross national product (GNP) rose to 49.4 trillion rupees, registering an increase of 6.5% in the outgoing fiscal year 2020-21, which is the second fastest growing since 2004 -5.
The country’s GNP had recorded the highest growth of 7.1 percent in fiscal year 2004-5 under the Musharraf-Aziz regime.
However, it is concerning that the investment-to-GDP ratio has declined in Pakistan, as it fell from 15.5% to 15.2% of GDP in the outgoing fiscal year. The investment-to-GDP ratio was 17.3% in 2017-2018 under the PML-N government, but it has fallen to 15.6% in 2018-2019, 15.4% in 2019-20 and now 15.2% in 2020-2021. But the savings-to-GDP ratio fell from 13.8 percent to 15 percent of GDP in the outgoing fiscal year.
By 2004-5, Pakistan’s GDP growth had reached 9% GDP growth, the highest on record in the past two decades, so GNP also increased, which was so far the highest. high of the last two decades.
According to official data available with The News, the size of gross domestic product (GDP) soared to 44.9 trillion rupees based on factor cost during the outgoing fiscal year, while based on price from the market, the size of the GDP increased to 47 rupees. 4 trillion.
The country’s GNP is defined as the total domestic and foreign production reported by residents of a country, consisting of gross domestic product (GDP) plus factor income earned by foreign residents.
Pakistan’s GNP at factor cost stood at 49.4 trillion rupees while based on market price it rose to 52.5 trillion rupees. In the last fiscal year, when GDP growth fell to 0.47% in 2019-2020, Pakistan’s GNP remained positive with growth of 1.2%.
Remittances play a vital role in estimating the country’s GNP after calculating the aggregate gross domestic product (GDP). So far, remittances have reached $ 24.246 billion in the first 10 months of the current fiscal year and the government predicts it could reach nearly $ 29 billion by June 30, 2021. The government is planning more than $ 30 billion in remittances in the coming years. 2021-2022 budget, it will therefore be the highest payment of funds in the history of the country.
According to an analysis of the performance of different governments over the past 13 years in determining the drivers of GDP growth and gross national income, also known as GNI or GNP, private consumption was 2.7% during the government PPP from 2008 to 2013 and the average GDP growth remained at around 2.8 percent of GDP while GNP grew by 3.3 percent on average.
During the five-year period 2008-2013 under the PML-N exemption, private consumption remained at 6.2 percent and average GDP growth remained at 4.7 percent on average while the GNP recorded a growth of 5 percent.
From 2018 to 2021, under the PTI government, private consumption stood at 2.1% on average, while GDP growth on average remained at 1.9% while GNP increased by 3.7%. % on average over the past three years.
Pakistan’s per capita income was $ 1,368 in 2012-13 when the PPP reached its five-year term and the PML-N increased dollar per capita income to $ 1,641 in 2017-18.
Per capita income under the PTI-led regime stood at $ 1,543 in the outgoing fiscal year 2020-2021.
The size of GDP which had grown to $ 313 billion under the PML-N government declined under PTIs in the first two years, but in the third year it fell from $ 264 billion to $ 296 billion.