COUNTRY PRESENTATION PAKISTAN Presented by Liaqat Ali Chief Statistical Officer, Pakistan Bureau of...

COUNTRY PRESENTATIONCOUNTRY PRESENTATION

PAKISTAN PAKISTAN

Presented byPresented by

Liaqat AliLiaqat AliChief Statistical Officer,Chief Statistical Officer,

Pakistan Bureau of Statistics,Pakistan Bureau of Statistics,Government of PakistanGovernment of Pakistan

Contents Country Profile (Key Indicators) The General Statistics (Reorganization) Act, 2011 Defining National Accounts Different Approaches to compile GDP Framework of Pakistan’s current NA Sectors of the Economy Sector-wise Methodology and sources of data Capital Formation and Expenditure on GDP Summary Growth rates of GDP, Investment and CPI Rebasing of NA why and When? Major Improvements Adopting the Price Concept and Modern Classifications Main data sources Rebasing Exercise in Manufacturing Sector (Examples) Future Plans

2

Country Profile (Key Indicators end June, Country Profile (Key Indicators end June, 2012)2012)

Name :-Name :- Islamic Republic of PakistanIslamic Republic of Pakistan Population:-Population:- 180.71 Million 180.71 Million

UrbanUrban 67.55 Million 67.55 Million RuralRural 113.17 Million113.17 Million

Population Growth Rate (%):-Population Growth Rate (%):- 2.032.03 Labor Force:-Labor Force:- 59.3 Million59.3 Million Employed Labor Force:-Employed Labor Force:- 55.8 Million55.8 Million Un-Employed Labor Force:-Un-Employed Labor Force:- 3.5 Million3.5 Million Un-Employment Rate:-Un-Employment Rate:- 6.0 Percent6.0 Percent Crude Birth Rate (per 1000 person):-Crude Birth Rate (per 1000 person):- 27.227.2 Crude Death Rate (per 1000 person):-Crude Death Rate (per 1000 person):- 7.2 7.2 Infant Mortality Rate (per 1000 person):-Infant Mortality Rate (per 1000 person):- 69.0 69.0 Life Expectancy (Years)Life Expectancy (Years)

Females:-Females:- 66.166.1 Males:-Males:- 64.364.3

(cont.)(cont.)

Country Profile ( cont.)Country Profile ( cont.) Literacy Rate:-Literacy Rate:- 58.0 58.0

(June,11)(June,11) Male:-Male:- 69.069.0 Female:-Female:- 46.046.0

Expenditure on Education (%age of GNP):-Expenditure on Education (%age of GNP):- 1.81.8

Registered Doctors (000 Nos.):-Registered Doctors (000 Nos.):- 149.2149.2

Registered Nurses (000 Nos.):-Registered Nurses (000 Nos.):- 76.2 76.2

Registered Dentists (000 Nos.):-Registered Dentists (000 Nos.):- 10.9 10.9

Expenditure on Health (%age of GNP):-Expenditure on Health (%age of GNP):- 0.3 0.3

Per Capita Income:-Per Capita Income:- US$ 1372US$ 1372

Exchange Rate:-Exchange Rate:- Rs.88.31/US$Rs.88.31/US$

Financial Year:-Financial Year:- 11stst July to 30 July to 30thth June June

The General Statistics (Reorganization) Act, 2011 Change of Name from Federal Bureau of Statistics (FBS) to Pakistan

Bureau of Statistics (PBS) Under the Act, three data collecting departments i.e FBS, Population

Census Organization, and Agriculture Census Organization have been merged into PBS

The General Statistics (Reorganization) Act, 2011, governs the collection, compilation, and dissemination of statistics.

The Act authorizes the Statistical Authorities and the Governing Council to ensure smooth statistical operations in the country.

PBS is an autonomous body headed by Chief Statistician who is also Federal Statistics Authority under the Statistics Act

The Act ensures confidentiality of information on individual, firm or institution and provides legal coverage to statistical activities in the country and also ensures that the collected information is used only for statistical purposes.

The Act ensures statistical reporting and individuals or establishments that fail to supply data or supply false data can be fined/imprisoned under the Act

What is National Accounts

The National Accounts is a systematic framework for the presentation of statistics that provide a wide range of information about the economy

There are a number of aggregate measures in the national accounts, most notably gross domestic product or GDP and investment (GFCF).

6

NATIONAL ACCOUNTS Gives a systematic and quantitative view of

the results of economic process as a whole in a certain period in economy. They constitute a record of all economic transactions which take place in a certain period of time between economic sectors with in a Country and also with ROW. The transactions are grouped.

DIFFERENT APPROACHES TO CALCULATE GDP:

Production Approach: The production or output approach = Gross

Output - Intermediate consumptionExpenditure approach: (Final consumption expenditure of Households and

Government + Gross fixed capital formation + changes in inventories (stocks) + exports – imports Or GDP = CH + CG + I + (E-X)

Income Approach: Compensation of employees + Net indirect Taxes + net Operating surplus + Consumption of Fixed Capital 8

9

Framework of Pakistan’s NA Regular Activities:

GDP/GNP (factor costs) by industrial origin (by “sector”)

Expenditure on GNP (market prices) Estimates of GFCF (market prices) by industrial origin

for private & public sector and for general government Composition of general government consumption

expenditureOther Activities: Input-Output Tables (1990-91) Rebasing of National Accounts from 1999-2000 to

2005-06 is in progress National Health Accounts

10

Sectors of the Economy

A. Agriculture Sector Crops

Major Crops

Minor Crops Live Stock Fishery Forestry

11


B. Industrial Sector Mining and Quarrying Manufacturing

Large Scale

Small Scale

Slaughtering Construction Electricity, Gas & Water Supply

12


C. Services Sector Transport, Storage & Communication Wholesale & Retail Trade Finance & Insurance Ownership of Dwellings Public Admn. & Defence Social, Community & Personal Services

13

Sector-wise Methodology and Sources of Data

14

CROPS

Value of output including by-products (minus) Intermediate consumption

Gross Value Added:

Provincial Agriculture & Irrigation Departments, IRSA, WAPDA,Federal Directorate of Fertilizer, Pesticides Association, etc.

Sources:

Seeds, Fertilizer, Pesticides, Water, Transport Charges, etc.

Intermediate Consumption:

Rice, Wheat, Cotton, Sugarcane, Gram, Maize, etc.

Pulses, Vegetables, Fruits, Oil seeds, Condiments, etc.

Major crops: Minor crops:

InputsOutput

Quantity(of Production)

Prices(Crops)

125 kinds of Crops

Value

•Seeds•Fertilizers•Ploughing & Planking•Pesticides, weeding, Spraying etc•Water•Transportation charges•Wastages

Gross Value Added of Crop Production(Output minus Input)

16

LIVESTOCK

Value of output including by-products (minus) Intermediate consumption

Gross Value Added:

Livestock and Dairy Development Division,Agriculture Census Organization, Pakistan Poultry Association etc.

Sources:

Roughages (green and dry), Concentrates (Grains, Oilcakes), Grass & Grazing, salt, Medicines, etc.


Cattle and their productsPoultry and their products

Composition:

Livestock and Poultry Livestock Buffaloes Cattle Sheep Goats Camels Horses Mules Asses

Poultry Broilers (Farming) Layers (Farming) Breeding stock (Farming) Poultry (Desi) Ducks, Drakes &

Ducklings Eggs (Farming) Eggs (Desi)

Gross Output1. Net Sale (Sale – Purchase of Animals for

Slaughtering)2. Natural Growth3. Livestock Products

Milk Draught Power Dung & Urine Wool & Hair

4. Poultry Products Broilers (Farming) Layers (Farming) Poultry (Desi) Ducks, Drakes & Ducklings Breeding Stock (Farming) Eggs (Farming) Eggs (Desi)

Intermediate Consumption

Fodder Green Dry Concentrate

Poultry Inputs Other Inputs

Transportation, POL, etc Medical care etc Interest (Bank charges) Repair & Maintenance Rent Paid (Building, Machinery etc) Value of chicks

20

FISHING

Value of output (minus) Intermediate consumption

Gross Value Added:

Marine Fisheries Department, Provincial Fisheries Departments & Federal Bureau of Statistics.

Sources:

Salt, Ice, Fuel & Lubricants, Medicines, Chemicals, etc. and Auction Charges.


Fish, Prawn, Shrimps, crabs, etc. from:Ocean, Coastal and Offshore water, Fish farms, Rivers, Canals, Lakes, Ponds, and inundated tracts, etc.

Composition:•Marine•Inland

Fishery

Marine Fishing

Inland Fishing

Gross Output

Production Price

Value of Output

Intermediate consumption

Marine Fishing Ice Salt Fuel Gas Others

Inland Fishing Seed Feed POL /Elect Water Other

24

FORESTRY


Gross Value Added:

Federal Inspectorate General of Forests.Provincial Forest Departments.Pakistan Forest Institute Peshawar

Sources:

Seeds, plantation, fertilizer, etc.Intermediate Consumption:

Timber, Firewood, Ephedra, Grass & Grazing, Resin, Medicinal herbs, and other Minor Forest Products/Output.

Composition:

25

MINING & QUARRYING


Gross Value Added:

Ministry of Petroleum and Natural Resources, OGDC, etc. Coal and other Mineral Establishments, Provincial Mineral Departments

Sources:

Blasting Material, Fuel and Lubricants, etc.Intermediate Consumption:

Crude oil, Natural Gas, Coal including other minerals, e.g. Rock Salt, Lime Stone, Dolomite, Gypsum, Fire clay, Phosphate, Marble, and Surface Minerals.

Composition:

26

LARGE-SCALE MANUFACTURING

For calculating growth rate of value added, Quantum Index of Manufacturing (QIM) is computed based on production data of 100 items having 75.07% weight (bench-mark 1999-2000) of Large Scale Manufacturing Sector.

Ministry of Industries, OCAC,Provincial Bureaux of Statistics, Federal Bureau of Statistics.

Sources:

Food, Beverages, Tobacco, Textile, Leather, Wood & Wood Products, Paper & Boards, Chemicals, Pharmaceutical, Petroleum, Metal, Engineering, Electrical, Automobile and other Industrial products/ groups.

Composition:

27

SMALL-SCALE MANUFACTURING

7.51 % based on Study on SSMI 1999-2000

Annual Growth:

Based on special study and SHMISurveys.

Benchmark Estimates of Gross Value Added:

All un-registered small and household manufacturing establishments

Composition:

SLAUGHTERING

The products meat (beef, mutton, chicken) and other products (hides, skins, bones and blood etc) constitute output of slaughtering.

Annual Growth:

Benchmark Estimates of Gross Value Added:

Composition:

The slaughtering industry relates to manufacturing whereas the livestock is a part of agriculture sector.

Based on special study (1999-2000).Value of output (minus) Intermediate consumption

Intermediate consumption: Value of Animals (Buffalo, Cattle, Sheep, Goat,

etc and Poultry (Farm and Desi). Other inputs

For calculating GVA of subsequent years, growth of meat is applied

Source:Livestock Division,MINFAL

29

CONSTRUCTION

Value added coefficients of Investment by kind of construction are multiplied to Investment made in that activity during the year. Value additions of all activities are summed up.

Federal, Provincial & Local Bodies,Development Authorities, Major Public & Private Construction Establishments, Federal Bureau of Statistics.

Sources:

All major construction activities including repairs, additions/alterations, Land Improvement; Buildings; Roads, Bridges, Streets; Highways; Runways; Transport & Railway Tracts; Telephone, Power, Gas, Oil, Utility lines; Canals; Dams; Harbour & Barrages etc.

Composition:

30

ELECTRICITY, GAS DISTRIBUTION & WATER SUPPLY

Value of Electricity, Gas & Water Supply (plus) Misc. Receipts (minus) Industrial cost & Electricity/Gas purchases.

Gross Value Added:

WAPDA, KESC, KANUPP, Pak Steel, IPPs and Captive Power units.Sui Southern and Sui Northern Gas Cos., Mari Gas etc. IRSA, Provincial Irrigation Departments.

Sources:Electricity:

Gas:

Water:

Furnace Oil, Gas, Water, etc.Intermediate Consumption:

Electricity, Gas distribution and Water supplyComposition:

31

TRANSPORT, STORAGE & COMMUNICATION

Value of output (plus) Misc. Receipts (minus) intermediate consumption

Gross Value Added:

Pakistan Railways, PNSC, KPT, PQA, KICT, QICT, PICT,CAA, PIA & other Airlines. NTRC,Asia Petroleum, PARCO, etc. Boats. PTCL, NTC,Mobile Phones,ISPs,PCOs, Post Offices, Courier Services, NLC, Town Committees (for Non-mechanized)

Sources:

Railway, Transport via Air, Water, Road and Pipeline, Storage & Communication (Post Office, Franchise Post Offices, Courier Co.s, PTCL, Cable Operators and ISP’s, Mobile Phone Cos., and PCOs

Composition:

32

FINANCE & INSURANCE

Value of output (plus) Misc. Receipts (minus) intermediate consumption

Gross Value Added:

State Bank of Pakistan, Scheduled Banks, Development Financial Institutions, Life and General Insurance Cos, Modarabas & Leasing Companies.

Sources:

State Bank of Pakistan, Scheduled Banks, DFIs, Insurance Companies, Modaraba & Leasing Companies.

Composition:

33

WHOLESALE & RETAIL TRADE

Composition: All Agricultural, Industrial Produce and Imports

Sources: Provincial Governments &Federal Bureau of Statistics

Value Added: Total value of trade margins applied on the marketed portions of Agriculture and Industrial Output as well as Imports.

34

OWNERSHIP OF DWELLINGS

Coverage:

Housing Units (rented as well as self occupied) and in urban and rural areas

Sources: Housing Census & Rent Surveys

Value Added: Gross Rentals (No. of Dwellings multiplied by average annual rent (minus) Value of current repairs and maintenance.

35

PUBLIC ADMN. & DEFENCE

Composition:

Federal, Provincial and District Governments and Cantonment Boards.

Sources: Budget documents of Federal, Provincial, District Governments and Cantonment Boards.

Gross Value Added:

Sum of the compensation of employees

(all Civil and Defence) (Plus)

Depreciation on Govt. fixed assets

36

COMMUNITY, SOCIAL & PERSONAL SERVICES

Composition:

Education, Health, Business(Accounting, Auditing, Advertising,Photography etc.), Recreation, Social,Personal & Domestic Services, etc.

Sources: Ministry of Education, PMDC, PNC, PBA, PEC, ACA, PAA, PHA, etc.

Capital Formation

What are they? Definition

Usually goods but also services

That are owned

From which owner expects future economic benefits over a period of time by using it or holding it (asset boundary)

That will be used for more than one year

Fixed Capital FormationWhat are they? Scope

They include

New capital goods

Existing capital goods

Improvements to existing capital goods

They can be Purchased Self-produced

Gross Fixed Capital Formation – Main Types Fixed assets

Dwellings Other buildings and structures including land improvements

Machinery and equipment Transport equipment ICT equipment Other machinery and equipment

Weapon systems

Cultivated biological resources Animal resources yielding repeat products. Tree, crop and plant resources yielding repeat products

Costs of ownership transfer on non-produced assets Intellectual property products

Research and development Mineral exploration and evaluation Computer software and databases

Entertainment, literary or artistic originals Other intellectual property products

Gross Fixed Capital Formation

Revised Questionnaire to collect GFCF data from source agencies

ValuablesWhat are they? Definition

Valuables are assets that: Are acquired as store of wealth Are not used up in production Do not deteriorate over time

Examples:

Precious stones and metals Antiques Works of arts Jewellery

Data sources: Household surveys (HIES and PSLM) Retail trade surveys Surveys and censuses of producers

42

Expenditure on GNP

Private Final Consumption Expenditure Government Final Consumption

Expenditure Gross Fixed Capital Formation Changes in Stocks Exports (minus imports) of Good and

Services Net Factor Income from Rest of the World

43

Private Final Consumption Expenditure

Final Consumption of goods and services of household and private non-profit institutions serving households

Measured through Residually

44

Government Final Consumption Expenditure

Current expenditures on goods and services by all the departments and establishments of: Federal Government Provincial Governments District Governments Cantonments

Growth Rates of GDP and its components Growth Rates of GDP and its components (CFC)(CFC)

Period GDP Agri. Mfg CPS Services

1960s 6.8 5.1 9.9 6.8 6.7

1970s 4.8 2.4 5.5 3.9 6.3

1980s 6.5 5.4 8.2 6.5 6.7

1990s 4.6 4.4 4.8 4.6 4.6

2000s 4.8 3.2 7.0 4.3 5.3

2010-11 (R)

3.0 2.4 3.1 1.5 4.5

2011-12 (P)

3.7 3.1 3.6 3.3 4.0

Growth Rate of Investment, GDP Deflator and CPI Growth Rate of Investment, GDP Deflator and CPI

Period Tot.Inv Tot.Inv (% of GDP)

National Savings (% of GDP)

GDP Deflator

CPI

1960s - - - - 3.2

1970s 21.8 17.1 11.2 - 12.5

1980s 4.2 18.7 14.8 2.3 7.2

1990s 8.1 18.3 13.8 8.3 9.7

2000s 15.0 18.9 16.9 8.7 7.7

2010-11 (R)

2.3 13.1 13.2 18.2 13.9

2011-12 (P)

9.7 12.5 10.7 9.7 10.8

47

Current Base Period 1999-2000 The work on change of base 1999-2000 to

2005-06 is in progress.

48

Rebasing: why, when?Why? New censuses, surveys, studies New price basis New concepts (System of National Accounts) Improved methods and sources Changes in classifications (new PSIC, CPC)

When in Pakistan > FY 1959-60, FY 1980-81

FY 1999-00 and FY 2005-06 (in progress)

49

Variables and time-series

The variables will widely remain the same:GDP, Gross National Income, value added, Gross fixed capital formation and other components of expenditure side of GDP

It is planned to revise the years prior to the base year, also (FY 1999/2000 onward).

This is with requests from analysts and researchers to have long time-series.

50

Main improvements of data base

Quantum Index of Manufacturing now rebased

according to Census of Large Scale Manufacturing

Industries 2005-06

Various new surveys and studies

renewing price base for volume figures (“constant

prices”)

51

Adopting the price concept recommended by SNA 1993 / 2008

The SNA recommends “basic prices” which differ from “factor cost” by indirect taxes or subsidies which do not vary with quantity or value of output.

factor cost+ taxes (less subsidies) on production (e.g. land, vehicles)= basic prices+ taxes (less subsidies) on products (e.g. excise duties)= producers’ prices+ trade and transport margins+ non-deductible VAT (Sales Tax)= purchasers’ prices

52

Applying modern classifications

Industrial classification PSIC 2007, delineated from United Nations’ “International Standard Industrial Classification of all Activities” (ISIC), Revision 3.1

(PSIC 2010) which has been adapted from International Standard Industrial Classification (ISIC REV. 4)

Central Product Classification (CPC) of United Nations, Version 2F:\Presentations\Presentation Tehran\CPC Items and weights.xls

Main data sources: Censuses

Census Manufacturing Industries (CMI) 2005-06 Agricultural Census 2000 Livestock Census 2006 Economic Census 2001

53

Main data sources: surveys

Small scale and households manufacturing industries Wholesale & retail trade Storages and warehouses Rent survey Family budget survey Water supply & sanitation Social, recreational, community & personal services ….

54

Main data sources: studies

Inland fishing Marine fishing Road transport Shipping, goods forwarding, customs clearing International freight forwarding Travel agents / tour operators Stock exchange brokers Exchange companies …

55

Main data sources: prices CPI and WPI now rebased (2007-08) PPI for selected commodities Special surveys on prices of agricultural products and

inputs Unit value index for exports and imports Information on administered prices of various goods

and services

► used for inflating volume figures / deflating value figures

56

Main sources of reconciliation

Budget data Data of State Bank of Pakistan

External transactions Exports and imports Net factor income from abroad

Output of services of MFIs National Health Accounts

57

Rebasing Exercise in Manufacturing Sector

Rebasing Exercise in Manufacturing Sector

Manufacturing Manufacturing

Manufacturing comprises establishments engaged in the physical or chemical transformation of materials, substances or components into new products.

It contributes about 19% towards the GDP.

It is covered in section D of the Pakistan Standard Industrial Classification (PSIC 2007) which has been adapted from International Standard Industrial Classification (ISIC REV. 3.1) and includes 22 divisions. However it is covered in section C of the Pakistan Standard Industrial Classification (PSIC 2010) which has been adapted from International Standard Industrial Classification (ISIC REV. 4) and includes 24 divisions

Manufacturing comprises establishments engaged in the physical or chemical transformation of materials, substances or components into new products.

It contributes about 19% towards the GDP.

It is covered in section D of the Pakistan Standard Industrial Classification (PSIC 2007) which has been adapted from International Standard Industrial Classification (ISIC REV. 3.1) and includes 22 divisions. However it is covered in section C of the Pakistan Standard Industrial Classification (PSIC 2010) which has been adapted from International Standard Industrial Classification (ISIC REV. 4) and includes 24 divisions

Large Scale Manufacturing

Large Scale Manufacturing covers the establishments registered or qualified for registrations under the Factories Act-1934, having 10 or more employees.

Large Scale Manufacturing

Large Scale Manufacturing covers the establishments registered or qualified for registrations under the Factories Act-1934, having 10 or more employees.

Output in Base Year (Basic Prices)=

Value of Production (Purchaser’s Price)- Trade Margin- Product Taxes + Subsidies on products

Source: Census of Manufacturing Industries (CMI) 2005-06

Output in Base Year (Basic Prices)=

Value of Production (Purchaser’s Price)- Trade Margin- Product Taxes + Subsidies on products


Large Scale ManufacturingLarge Scale Manufacturing

Output in Subsequent Years (Basic Prices)=

Output in Subsequent Years will be extrapolated by applying the Quantum Index of Manufacturing Industries (QIM) comprising 112 items with base year 2005-06

Source: Industry Section, PBS

Output in Subsequent Years (Basic Prices)=

Output in Subsequent Years will be extrapolated by applying the Quantum Index of Manufacturing Industries (QIM) comprising 112 items with base year 2005-06



Intermediate Consumption in base year (Purchaser’s Prices)=Industrial Cost + Non Industrial Cost

Industrial Cost :- Payments for raw materials, energy & water, and repair & maintenance Non Industrial Cost:- Payments for transport, insurance, copyrights, royalties, postage, telephone, printing, stationary, advertisements, travelling expenses etc.


Intermediate Consumption in base year (Purchaser’s Prices)=Industrial Cost + Non Industrial Cost

Industrial Cost :- Payments for raw materials, energy & water, and repair & maintenance Non Industrial Cost:- Payments for transport, insurance, copyrights, royalties, postage, telephone, printing, stationary, advertisements, travelling expenses etc.



Intermediate Consumption in Subsequent Years

Intermediate Consumption in Subsequent Years will be extrapolated by applying the Quantum Index of Manufacturing Industries (QIM) comprising 112 items with base year 2005-06


Intermediate Consumption in Subsequent Years

Intermediate Consumption in Subsequent Years will be extrapolated by applying the Quantum Index of Manufacturing Industries (QIM) comprising 112 items with base year 2005-06



Gross Value Added in Base Year (Basic Prices)=

Output in base year (Basic Price)- Intermediate Consumption base year (Purchaser’s Price)




Gross Value Added in Subsequent Years (Basic Prices)=

Output in subsequent years (Basic Price)- Intermediate Consumption subsequent years (Purchaser’s Price)



Large Scale Manufacturing (Example)Large Scale Manufacturing (Example)

LSM Detail working for Rebasing):- (F:\Presentations\Presentation Tehran\Updated Tables of GVA (LSM) Final 18-05-12.xlsx

Example of Extrapolation by Major Groups:-F:\Presentations\Presentation Tehran\Extrapolation of Output, IC of LSM 2005-06 to 11-12.xlsx

LSM Detail working for Rebasing):- (F:\Presentations\Presentation Tehran\Updated Tables of GVA (LSM) Final 18-05-12.xlsx

Example of Extrapolation by Major Groups:-F:\Presentations\Presentation Tehran\Extrapolation of Output, IC of LSM 2005-06 to 11-12.xlsx

Small Scale ManufacturingSmall Scale Manufacturing





Small Scale ManufacturingSmall Scale Manufacturing



Example:-SSMI Working, GVA and Deflators Final 18-05-2012.xlsx

SSMI Extrapolation.xlsx



Example:-SSMI Working, GVA and Deflators Final 18-05-2012.xlsx

SSMI Extrapolation.xlsx

The solution for small scale manufacturing

It is obvious that the study 1999-2000 failed to reflect the actual development.

The inter-survey growth of GVA at factor cost (constant prices) during the period between 1987-88 and 2006-07 is 6.7 % while between 1996-97 and 2006-07 it was 8.2 %.

As an average of the two, the rate of 7.5 has been applied for all years since 1999-2000.

69

The idea of FISIM Lending of money is not an activity contributing to GDP. Therefore, interest payments as such are not a reward for

production. They are recorded under “distribution”, instead.

Nevertheless, the banks are providing a service called “financial intermediation services indirectly measured” (FISIM). For short, it is an imputation calculated as interest received by them minus interest paid by them.

Consumption of FISIM is either intermediate or final.

70

Future Plans1. Rebasing 2005-06 until 2009-10 (“final”)

2. Calculate results 2010-11, 2011-12 and 2012-13 as “preliminary” but with new base

3. Publish all results along with meta data

4. Compilation of Input and Output PPI,s to ensure the implementation of Double Deflation

5. Launching Quarterly National Accounts

6. Launching Supply and Use Tables (2005-06)

71

Thank you

www.pbs.gov.pk

COUNTRY PRESENTATION PAKISTAN Presented by Liaqat Ali Chief Statistical Officer, Pakistan Bureau of...

Documents

Transcript of COUNTRY PRESENTATION PAKISTAN Presented by Liaqat Ali Chief Statistical Officer, Pakistan Bureau of...