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Millions remain jobless as population growth equals GDP’s

Varad

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Millions remain jobless as population growth equals GDP’s


ISLAMABAD: Pakistan’s real GDP and population grew almost at the same pace of just over two percent in the current fiscal year, said a working paper approved by National Accounts Committee (NAC) on Wednesday.

This shows the inability of the government to create employment for millions of jobless youngsters in the country.

The paper, a copy of which is available with The News, said that in the wake of severe floods and crippling load shedding, Pakistan’s real Gross Domestic Product (GDP) declined to 2.39 percent in 2010-11 against initially envisaged target of 4.5 percent.

The largest decline in GDP growth was shown by electricity, gas and water supply as its negative contribution stood at a startling 21.11 percent against a positive growth of 17.65 percent in 2009-10.

The growth of labour-intensive construction sector fell to 0.82 percent in 2010-11 from an impressive growth of 28.44 percent in 2009-10.

The NAC also approved revised GDP growth figures for 2008-09 and 2009-10. The growth figure of 2008-09 was improved from 1.21 percent to 1.72 percent and that of 2009-10 was slashed to 3.76 percent from an earlier estimate of 4.1 percent.

“This is normal revision that occurred for finalising estimates after getting detailed data,” said Federal Secretary Statistics Division, Asif Bajwa, while talking to The News after NAC meeting.

The real GDP growth for the current fiscal year was mainly contributed by the services sector, which achieved a growth of 4.1 percent.

Agriculture sector grew by 1.21 percent, while the industrial sector witnessed a sharp decline to negative 0.07 percent in 2010-11 from a positive growth of 8.28 percent in fiscal year 2009-10 mainly because of increased load shedding and little availability of loans for private sector.

Keeping in view the population growth at 2.08 percent in fiscal year 2010-11, the lower GDP growth coupled with double-digit inflation pushed millions of people into poverty, independent economists said.
The per capita income at constant factor cost in rupee terms showed a meager growth of 0.77 percent during the year. Official figures are going to be released through the Economic Survey for 2010-11 on the basis of this working paper of NAC.


The growth of commodity producing sectors stood at only 0.50 percent in fiscal year 2010-11 against 4.71 percent in 2009-10. The growth of large scale manufacturing, which was calculated on the basis of eight-month (July-Feb) data, fell to 0.98 percent in 2010-11 against 4.93 percent in 2009-10.

Small scale manufacturing growth stood flat at 7.51 percent in fiscal years

2008-09, 2009-10 and 2010-11. The growth of slaughtering sector stood at 4.38 percent in 2010-11. The transport and communication sector grew by 1.27 percent, wholesale and trade by 3.85 percent, ownership and dwellings 1.70 percent and social community and services by 7.11 percent.

The growth of finance and insurance sector showed a decline of 6.26 percent in fiscal year 2010-11, while public administration and defense contribution showed higher growth of 13.21 percent mainly because of increased 50 percent salaries of public sector employees in the budget 2010-11.

Millions remain jobless as population growth equals GDP
 

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