NAC approves revised GDP growth of 5.3% for FY21 Asad Umar
Minister for Planning, Development, and Special Initiatives Asad Umar Thursday said the National Accounts Committee (NAC) had approved the revised Gross Domestic Product (GDP) growth of 5.37 percent for fiscal year 2020-21 (FY21).
“The higher growth versus provisional estimates which were based on Jul-Mar numbers, was mainly due to very strong industrial growth in Apr-Jun,” he added.
The minister highlighted that the provisional growth estimates were based on the data of July-March 2020-21 whereas the revised growth rate of 5.37 percent was mainly due to the very strong industrial growth in April-June 2020-21.
As per the government’s provisional figures released earlier for the year 2020-21, the country’s GDP growth rate was 3.94%.
National Accounts Committee works under the ministry of planning and development and provides a set of statistical data for the purpose of economic analysis, decision taking and policy making.
It is widely used as indicator of economic activity and measures the performance of the economy and other important parameters such as GDP/GNI, Gross Fixed Capital Formation (GFCF), Savings, and Inflation etc.