June 28, 2003	Saturday	Rabi-us-Sani 27,1424

KARACHI, June 27: The State Bank of Pakistan has clarified the impression created by its third quarterly report released on Thursday that it estimates Pakistan’s real GDP growth rate at 4.6 per cent for the full year which is lower than the 5.1 per cent growth reported in the Economic Survey 02-03.

“Such an impression is factually incorrect,” the SBP clarified on Friday while referring to press reports based on its third quarterly report. “The real estimated GDP growth rate for FY 2002-03 is indeed 5.1 per cent, as mentioned in the SBP report,” it says.

The lower (adjusted) real GDP growth figure of 4.6 per cent was presented in the SBP report, together with actual real GDP figure of 5.1 per cent, simply to illustrate the impact of the revised GDP figures for previous years.

The SBP considers revisions in the GDP figures a normal exercise, carried out almost every year, as more accurate data on the economy becomes available. Accordingly, the real GDP growth figures are also revised almost every year.