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ISLAMABAD: The National Accounts Committee (NAC) approved the GDP estimates for the third quarter and the full fiscal year 2024-25, revealing that the country’s economy has provisionally grown by 2.68% during the current fiscal year. The overall size of the economy is now $411 billion, with per capita income increasing to $1,824. This announcement was made during the NAC’s 113th meeting, chaired by the Secretary of the Ministry of Planning, Development, and Special Initiatives.
The committee also finalized the growth figures for previous fiscal years. The GDP growth rate for FY 2022-23 has been revised to -0.21%, while the revised figure for FY 2023-24 now stands at 2.51%. These adjustments reflect slight changes from earlier estimates presented in previous NAC meetings.
Revised data for the first and second quarters of FY 2024-25 showed minor shifts. Growth during Q1 is now estimated at 1.37%, slightly up from 1.34%, while Q2 has been adjusted down to 1.53% from the earlier figure of 1.73%. The economy recorded a growth of 2.40% in Q3, signalling relative stability.
Agriculture, which remains a critical sector, posted mixed results. Although important crops declined sharply, by 13.49% annually and 11.14% during Q3, the sector was supported by significant gains in other crops like potatoes, onions, mangoes, and sesame. Livestock, forestry, and fishing also showed steady growth.
Industrial Output Presents Mixed Picture
Industrial output presented a mixed picture. While the sector grew by 4.77% annually, largely due to a rebound in electricity, gas, and water supply (up 28.88% from last year’s negative base), large-scale manufacturing contracted by 1.53%. Construction grew by 6.61%, helped by increased activity from both the private sector and the government. However, mining and quarrying remained in the red, impacted by declines in natural gas and crude oil production.
The services sector contributed positively across all quarters, growing by 2.91% for the year and by 3.99% in Q3 alone. Growth was driven by robust performance in information and communication (up 6.48%), finance and insurance, public administration, education, and health services. Notably, IT-related activities surged by 24% during the fiscal year.
In terms of income, Pakistan’s per capita income rose to Rs509,174, equivalent to $1,824. The total size of the economy in local currency was reported at Rs114.7 trillion, compared to Rs105.1 trillion in the previous year. The NAC noted that per capita income figures may be revised once updated population projections based on the 2023 census are finalized.
The committee’s latest estimates provide a cautiously optimistic outlook for Pakistan’s economic trajectory, despite ongoing challenges in agriculture and energy sectors. The mixed trends across key industries highlight the need for targeted policy support to sustain and build on current growth.
