GDP and other economic figure explains the method of calculation by the National Accounts Committee, the NAC takes inputs of 26 institutions, and the UN-accepted formula is applied to get correct GDP figures.
Earlier, Pakistan Bureau of Statistics published 3.94 percent GDP growth for the current fiscal year with recovery across the board compared to negative 0.47 percent growth for the last fiscal year.
The growth figures surprise all the forecasters including State Bank of Pakistan and international agencies. The State Bank of Pakistan (SBP) had estimated GDP growth at 3 percent, while the finance ministry’s projection was slightly on the lower side. The growth projection of multilateral donors — the International Monetary Fund and World Bank — was between 1.3 percent and 1.5 percent for the fiscal year 2020-21.
The surge in growth rate is largely explained by low base effect due to economic slowdown last year on the surge of COVID.