| Tax collection exceeded targets | Foreign exchange reserves improved | Large-scale manufacturing performed well | Considerable growth in remittances, exports noted
By Uzma Zafar
ISLAMABAD: Notwithstanding the global economic shocks caused due to Covid-19 pandemic, the county’s economy has performed well as is clearly demonstrated by several macroeconomic indicators.
The overall Gross Domestic Product (GDP) growth, during the fiscal year 2020-21 was recorded at 5.37 percent, the second highest growth in last 14 years, according to National Accounts Committee (NAC).
According to the final numbers approved by the committee, the per capita increased to Rs 266,614 or US$ 1,666 in 2020-21 while the size of the economy reached to US$ 346.76 billion.
During this year, the tax collection exceeded targets, the foreign exchange reserves improved, the large-scale manufacturing performed well whereas there was considerable growth in remittances and exports from the country.
This growth was achieved when rest of the world was encountering massive output contractions as it had shrunk by 8% in India, 10% in United Kingdom 3.7% in United States of America and 6.5% in Iran.
