ISLAMABAD, Jun 11 (APP):The Country’s Per capita income increased by US$129 to US$1680 in FY 2024, as compared to US$1,551 of last year on the account of increase in economic activity and appreciation in the exchange rate.
According to the Economic Survey 2023-24, launched here on Tuesday, the per capita income in dollar terms vis-à-vis PKR witnessed a rebound in this fiscal year, standing at US $ 1680 compared to US $ 1551 last year; the stability in exchange rate and surge in economic activity increased the per capita income by 8.3 percent.
Household consumption consistently holds a large share of the GDP and remains unaffected by inflationary pressures. The decision to consume is crucial for long-term and short-term economic growth.
According to the Survey, aggregate Demand Analysis in FY 2024, the GDP at current market prices increased by 26.4 percent compared to 25.8 percent last year. It stands at Rs 106,045 billion compared to Rs 83,875 billion the previous year.
The Gross National Income (GNI) is primarily used to measure the wealth of the country, which is calculated by adding net primary income (NPI) to GDP (MP).
However, the movement of GNI and GDP (MP) follow a similar pattern. However, since FY 2019, significant growth has been observed in NPI, mainly due to a substantial increase in workers’ remittances due to travel restrictions.
During July-April FY 2024, workers’ remittances posted a positive growth of 3.5 percent on the back of the recovery in the global economy and better economic performance in the main remit corridors such as the USA, UK, and EU.
In comparison, GNI in rupee term posted a 25.9 percent growth in FY 2024, up from 25.1 percent last year (Fig-6A).
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