Finance Minister Muhammad Aurangzeb on Tuesday slammed the Pakistan Bureau of Statistics (PBS) for failing to provide timely economic data, which forced the government to base critical decisions on information that was around 10 years old.
In a meeting at the Finance Division, Aurangzeb expressed serious concern over the absence of updated figures on poverty, unemployment, GDP growth, and per capita income, as reported in Express Tribune.
The PBS chief statistician attributed the delays to political instability but failed to identify any directive that had blocked surveys.
Aurangzeb directed Adviser Khurram Schehzad and Chief Economist Dr. Imtiaz Ahmad to review PBS’s data collection and processing practices to restore credibility.
The meeting was informed that the GDP growth rate of 2.7 percent for FY2024 was based on questionable assumptions.
Livestock growth was being estimated through fodder consumption, not actual headcount, despite livestock holding 63.6 percent weight in agriculture GDP. The per capita income was calculated at $1,824 using outdated population figures.
The last Household Integrated Economic Survey (HIES) was conducted in 2018-19. The 2024-25 round is complete, but results will not be available until December 2025.
It was also informed that the current GDP estimates rely on outdated industrial data. Surprisingly, Pakistan’s national accounts are still based on 2015-16 data.
The PBS chief said the final GDP growth figure for FY2024 would be available by September.
The World Bank’s updated poverty threshold of $4.20 per day has raised Pakistan’s estimated poverty rate to 44.7 percent, more than double the official figure of 21.3 percent. The new estimate excludes the impact of COVID-19 and the 2022 floods.
Tabulation of the recently completed agricultural census is in progress. It will update data on crop area, livestock, and farm machinery.
Nice
The FM should have known better! The Age old adage “ garbage in is garbage out” aptly applies here . But sadly that is the case of most of the data used by GOP for its decision making. It is time to wake up and smell the coffee! . Secondly, but most importantly, we are good pointing out problems and issues , after the fact! What about possible solutions? Thirdly,, if in this digital age, if the country has not adopted latest techniques and methodology for compiling this date , our dreams of becoming Asian tiger will remain a dream!. Lastly, we cannot blame all this on PBS! What about the Ministry in charge of it? And what about the people who are basing vital decisions based on these statics? Is it not their job to do some fact checking!