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A new rebasing exercise has been carried out by the Pakistan Bureau of Statistics (PBS), aimed at shifting the base (reference) year for calculation of economic statistics from fiscal 2000 to fiscal 2006.
The share of services and agriculture in the overall size of the economy has resultantly increased, while the industrial sector has significantly shed its value. The exercise has resulted in gross value addition of 7.8% or Rs557 billion to the total size of the economy.
Headed by Dr Shahid Amjad, adviser to the prime minister on finance, the PBS Governing Council approved the change on Monday.
“The overall size of the economy from 2006 onwards will now be calculated afresh and presented to the National Accounts Committee (NAC) for approval,” Chief Statistician of Pakistan Asif Bajwa told The Express Tribune. The NAC meeting will also give approval to this year’s official growth rate. It is scheduled to meet on May 3.
TOKYO: The euro clawed back ground in Asia on Thursday after the latest pledge from the European Central Bank that it will keep its loose monetary policy in place sent the unit plunging in New York.
In Tokyo afternoon trade, the single currency fetched $1.3031 from $1.3007 late Wednesday in New York, while it also edged up to 127.41 yen from 127.24 ..... Read more
ISLAMABAD: Ministry of Finance will decide today whether Pakistan will enter a fresh loan agreement with International Monetary Fund, Geo News reported.
According to sources, Pakistan and the IMF will have to agree upon eight conditionalities for entering into a fresh bailout package of $4.5 to $5 billion. Once agreed, the Fund will extend a Letter..... Read more
Oil prices were mixed in Asian trading hours Thursday but analysts said sentiment will continue to be boosted by expectations of higher world economic growth.
US benchmark West Texas Intermediate (WTI) for delivery in February was up two cents at $94.19 in midday trade.
European benchmark Brent crude for February was down 37 cents at $106.76."Crud..... Read more
