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January 4, 2015

Pakistan’s per capita income surges by 10.9 percent in FY14


January 4, 2015

KARACHI: Pakistan’s per capita income rose by 10.9 percent to Rs143,808 for the fiscal 2013-14 compared with Rs129,569 in the previous year as the country is on track to transform its economy, the State Bank of Pakistan said on Saturday.
Despite many challenges in the economy such as energy crisis, security concerns, the country’s per capita income has been inching up for the past many years. The per capita income in dollar-term remained at $1,427 in 2013-14, when calculated at an exchange rate of Rs11.79/dollar.
The central bank’s Statistical Bulletin 2015 reported that the Pakistan’s gross national income, calculated at current domestic prices, surged by 13.2 percent to Rs26.775 trillion in the last fiscal year as against Rs23.65 trillion.
Analyst said the present government is working to dismantle decades of subsidies to transform the country’s economy. Already, progress has been made: privatisation has been started, while reforms have been made to broaden the tax base to increase the government’s revenue and reduce its dependency on foreign donors’ bailout packages.
The government officials said the present government had launched comprehensive plan to create investment friendly environment and to attract foreign investors in the country; as is evident, the capital market reached to new height, emitting positive signals for restoring the investor’s confidence. The bench mark Karachi Stock Exchange index ended the year with a 27 percent annual gains and a record high on foreign inflows and public offerings.
Similarly the tax authorities have collected Rs1,157 billion during first half (July-Dec) period of the current fiscal year against a collection of Rs1,031 billion in the same period of last financial year, registering a growth of 12.2 percent.
Moreover, Pakistan’s policy trends had been consistent, with liberalisation, de-regulation, privatisation, and facilitation being its foremost cornerstones.
Analysts termed

consumption, investment and export as the main driving force behind economic growth and said Pakistan like other developing countries is a consumption oriented society, having high marginal propensity to consume.
The central bank data showed the country’s household final consumption expenditure surged to Rs20.445 trillion in 2013-14 compared with Rs18.255 trillion in 2012-13. General government final consumption expenditure in the last fiscal year also surged to Rs3.047 trillion as compared with Rs2.465 trillion in the previous year.
All the sectors observed growth in the last fiscal year and increased their contribution in the country’ domestic produce, it added.
Services sector remained the biggest contributor of gross national income generating Rs12.907 trillion in 2013-14, up 11.01 percent from Rs11.626 trillion in 2012-13.
Agriculture sector’s contribution in the GDP in the last fiscal year surged by 11.5 percent to Rs6.051 trillion compared with Rs5.426 trillion in the previous year. Industrial sector contribution stood at Rs5.126 trillion in 2013-14, up 12.5 percent from Rs4.554 trillion.

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