The Pakistan Bureau of Statistics (PBS) issued estimates on Monday that indicated Pakistan’s gross domestic product (GDP) increased by 3.07% in the fourth quarter (April–June) of fiscal year 2023–24.
Following the 110th National Accounts Committee (NAC) meeting, the PBS released a press statement stating, “The economy achieved a steady expansion of 3.07% during Q4 of FY 2023-24.”
According to the committee, growth in Q4 is expected to be 6.76 percent in agriculture, -3.59% in industry, and 3.69% in services.
Additionally, the NAC accepted the revised provisional GDP growth estimate for FY24, which was 2.52% rather than the earlier estimate of 2.38%.
Agriculture, industry, and services have revised growth rates for FY24 of 6.36%, -1.15%, and 2.15%, respectively.
The advancement in wheat (from 31.438 to 31.583 MT) has resulted in double-digit increase in important crops, or 17.02%, compared to 16.82% at the previous meeting.
This development is primarily responsible for the robust expansion of agriculture.
The NAC said that although the growth of other crops decreased from 0.90% to -1.20%, the growth of livestock increased from 3.89% to 4.47% as a result of lower input costs.
The committee also accepted the revised growth projection for FY23, which was lowered from the previous meeting’s estimate of -0.21% to -0.22%.
The updated first, second, and third quarter forecasts for 2023–2024 were also accepted by the NAC.
“The GDP growth for Q1, Q2, and Q3 of FY 2023–24 has been revised to 2.69%, 1.97%, and 2.36%, respectively, from the 2.71%, 1.79%, and 2.09% reported in the NAC’s 109th meeting,” the statement said.
