By Samia Khalid ISLAMABAD, Jan. 26 (INP-WealthPK): Both the size and growth rate of the economy have been revised upwards as Pakistan witnessed the second-highest economic growth during the fiscal year 2020-21 over the last three years of the incumbent government. The National Accounts Committee approved the upward revision of the growth rate to 5.5% and the total size of the economy to $347 billion at its 104th meeting, reports WealthPK. The revised figures were approved for the fiscal year 2020-21 at the 2015-16 base constant prices, indicating a level shift in the economy. The NAC assessed the change in the foundation of national accounts from 2005-06 to 2015-16 and observed that there had been a level shift in GDP at constant prices with the addition of new activities as well as the new price level of the base year of 2015-16. The GDP at market prices climbed to Rs55.5 trillion in 2021, and the Gross National Income increased to Rs59.3 trillion, after the rebasing and level shift of the economy from Rs29.1 trillion to Rs32.7 trillion in 2015-16. During the fiscal year (2020-21), per capita income climbed to Rs266,614 ($1,666). Hence, the economy grew to $346.76 billion. According to NAC, 2020-21 was the recovery year following the peak of the Covid-19 pandemic, when all industries showed excellent growth. During this period, the agriculture sector improved by 3.48%, industry by 7.79%, and services by 5.7%. The Gross Value Addition (GVA) increased by Rs3.1 trillion in the base year 2015-16 from Rs27.4 to Rs30.5 trillion, representing an increase of 11.3%. This is due to improved coverage and better estimation of input-output structure of industries. This demonstrates that the economy was overestimated by 11.3% in the prior base year of 2005-06. Meanwhile, the ministry of planning, development and special initiatives and the Pakistan Bureau of Statistics have decided to devise a mechanism to rebase national accounts and price statistics every five years, in line with best practice adopted by most countries around the world, as both go hand in hand to capture more areas and activities that have occurred in the last couple of years, according to WealthPK.