A few months ago, Nam Sang cited pakistani officially released information to write that the real economic growth in the 2020-21 fiscal year based on price factors was 4.7%, and the completed nominal GDP was 477093.25 crore (as shown below). But now this data has changed!
Pakistan has adopted new rules for GDP accounting and statistics
Recently, Pakistan announced the "Basics of the National Accounts Table 2015-16" based on the "United Nations 2008 National Account System" and adjusted in light of the actual situation in Pakistan. Compared with the previous "Basis of The Statement of Accounts 2005-06", at least the following amendments have been made:
"Education, human health and social work activities" have also been recalibrated, and in the real estate sector, "in the cost of housing repair and maintenance, the commission and rent survey paid to real estate agents" has been evaluated, and the "consumption expenditure of non-profit institutions serving families" has been re-evaluated...
In its report, the Pakistan Statistical Office also clearly mentioned that it will make full use of this opportunity to fully implement the recommendations of the 2008 SNA, explore new sources of data, and will cover a wider range of areas of economic activity in Pakistan, making a broader assessment of the "service segment" in the field of agriculture.
Yes or no, I don't understand! To tell you the truth, the details of it, Nansheng does not know! We only need to know: after re-sorting, pakistan's statistical department has obtained a more complete accounting system, which is more closely integrated with the international mainstream statistics and accounting methods of GDP.
Nansheng noted that in the field of GDP statistics and accounting, the United Nations and other international organizations have formulated relevant standards for reference, successively: 1953 National Accounts System, 1969 National Accounts System, 1993 National Accounts System, 2008 National Accounts System, forming a comprehensive, consistent and flexible framework principle.
At present, the world's mainstream economic powers are basically based on the "United Nations 2008 National Accounts System" and have formulated relevant rules in combination with their own conditions. However, the statistical rules currently used in some developing countries are still modeled on the "1993 System of National Accounts" and are somewhat outdated.
That's the case in Pakistan! Previously, the "Basis of The National Accounts 2005-06" was used, which was essentially based on the United Nations System of National Accounts 1993. New adjustments have been made to divide the industry more carefully, and to make consumer spending statistics for the service industry and non-profit organizations more accurate.
What is Pakistan's GDP after the new rules?
Under the old rules, Pakistan's nominal GDP in FY2020-21 (which can be shortened to FY2021) was about Rs 4,770,933.25 crore. After the new statistical rules were introduced, the increase was Rs.55,488.010 crore, and the real year-on-year growth rate also expanded to 6 per cent - translated into us dollars close to 347 billion US dollars.
With a population of around 222.6 million, Pakistan's GDP per capita in fiscal 2021 also expanded to around $1,560. Remarks: Fiscal year 2020-21 (which can be shortened to fiscal year 2021) is available in the following time span: from July 1, 2020 to June 30, 2021.
Changing or adjusting GDP accounting rules is very common in the world, and netizens do not have to give too much interpretation. For example, Vietnam, its economic statistics in 2021, the adoption of new rules, so that its GDP suddenly soared to 8398.606 trillion VND, per capita GDP also achieved a catch-up to the Philippines.
There are also India, the United States and so on. Among them, the United States in 2013 will develop, optimize the cost of housing transactions, and capitalize the original expenditure of enterprises in entertainment, literature, art and other fields, and then expand the GDP of previous years by several percentage points. This article is organized and written by [Nansheng], please do not reprint or plagiarize without authorization!