Pakistan’s economy grew at a faster pace than initially expected in the fiscal year 2023-24, with strong performance in the fourth quarter, according to the Pakistan Bureau of Statistics (PBS). The country’s gross domestic product (GDP) expanded by 2.52% compared to the previous year, an upward revision from the 2.38% reported earlier in May.
For the fourth quarter (Q4) of FY 2023-24, GDP growth reached 3.07%, driven by improvements in agriculture, industry, and services sectors. Quarterly growth rates for the first three quarters of the fiscal year were revised to 2.69% for Q1, 1.97% for Q2, and 2.36% for Q3, up from the previously reported figures of 2.71%, 1.79%, and 2.09%, respectively. These revised estimates were approved during the 110th National Accounts Committee (NAC) meeting.
In Q4, the economy achieved stable growth, with agriculture recording a robust 6.76% increase, supported by a 14.03% rise in crops, particularly important crops, which grew by 26.98% due to strong wheat production and a favorable base effect from the previous year. However, other crops saw a slight decline of 1.53% due to a reduction in fruit production.
The industrial sector’s performance remained mixed, with large-scale manufacturing growing by 4.19%, offsetting declines in mining and quarrying (-5.32%), electricity, gas, and water supply (-35.57%), and construction (-0.47%).
The services sector also posted positive growth of 3.69%, with notable contributions from wholesale and retail trade (4.79%), information and communication (7.95%), education (9.04%), and human health and social work activities (5.86%). However, finance and insurance (-2.55%) and public administration and social security (-0.18%) experienced contractions.
In addition to these revisions, the NAC approved the introduction of quarterly estimates for net taxes, GDP, net primary income, and gross national income (GNI) in the national statistical system, enabling better tracking of the expenditure side of the economy on a quarterly basis.
