KARACHI – Pakistani government is set to unveil Economic Survey for fiscal year 2024–25 today on Monday, providing an overview of the country’s economic performance ahead of the federal budget.
Key economic targets including GDP and agriculture growth were not achieved, while official documents show improvement compared to the previous year, with gains recorded in industrial output and per capita income. Despite unimpressive figures, in agriculture, Economic Survey presents cautiously optimistic picture of Pakistan’s economy, pointing to improvements in industrial performance, income levels, and fiscal management.
GDP Growth falls short of Target
As per official data, GDP growth for FY2024–25 was recorded at 2.68pc, well below government’s target of 3.6pc. However, it shows slight improvement over last year’s 2.51pc growth.
Agriculture sector remains a strong performer, and saw steep decline, registering just 0.56pc growth, a sharp contrast to 6.4pc expansion reported in previous FY. In contrast, the industrial sector grew by 4.7%, up from 1.37%, while large-scale manufacturing posted a 1.53% rise.
The construction industry emerged as a major contributor to growth, expanding by 6.61%, compared to only 1.14% in FY2023–24.
The size of Pakistan’s economy reached $411 billion, up from $372 billion last year. Per capita income increased to $1,824, compared to $1,680 in FY2023–24.
The primary balance improved significantly, reaching Rs3,469 billion during the July–March period, nearly double the Rs1,615 billion recorded last year. The budget deficit also narrowed to Rs2,970 billion, or 2.4% of GDP, down from 3.7% a year earlier.
Petroleum sales rose to 13.22 million tons, up from 12.4 million tons. Agricultural Output Suffers Major Decline. The survey highlights a widespread decline in major crop yields.
- Wheat: ↓9.8% to 28.9 million tons
- Rice: ↓1.3% to 9.72 million tons
- Sugarcane: ↓3.8% to 84.2 million tons
- Cotton: ↓30.7% to 7 million bales
- Corn: ↓15.4% to 8.24 million tons
- Pulses: ↓14.1% to 29,658 tons
However, there were positive developments in some sub-sectors:
- Vegetable output increased by 7.1%
- Fruit production rose by 4.1%
- Fodder output, on the other hand, dropped by 1.8%
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