ISLAMABAD – Today, Finance Minister Muhammad Aurangzeb unveiled Pakistan’s Economic Survey for the fiscal year 2024 during a press conference held in Islamabad. The event commenced with a solemn recitation of the Holy Quran, setting a reverent tone for the unveiling of this critical report, followed by the distribution of copies to the attendees.
The Pakistan Economic Survey stands as an essential annual document, offering a comprehensive overview of the country’s economic trajectory over the past fiscal year, spanning from July 1, 2023, to June 30, 2024. It acts as a cornerstone of the federal budget process, shedding light on various economic indicators such as GDP growth, inflation, trade, investment, and sector-specific performance in agriculture, industry, and services.
In the early stages of the 2023-24 fiscal year, Pakistan’s economy encountered notable challenges attributed to the lingering effects of the previous year’s economic disruptions, as per the estimations by the Planning Commission’s Annual Plan Coordination Committee.
However, as the year progressed, the economy demonstrated a moderate recovery, ultimately achieving a growth rate of 2.4 percent.
Throughout the fiscal period, the agricultural sector emerged as a key driver of growth, expanding by 6.3 percent, buoyed by robust yields in wheat, cotton, and rice. Conversely, the industrial sector saw a modest growth of 1.2 percent, with a slowdown observed in large-scale manufacturing activities. Nevertheless, there were positive trends in mining and quarrying, small-scale manufacturing, and construction.
Similarly, the services sector recorded a nominal growth rate of 1.2 percent, with wholesale and retail trade experiencing a slight increase of 0.3 percent. Meanwhile, subdued demand led to modest growth of 1.2 percent in the transport, storage, and communications sector.
During the period from July to March 2023-24, total revenue collection surged by a significant 41 percent, surpassing the growth rate of total expenditure, which stood at 36.6 percent. Both tax and non-tax revenues experienced substantial growth, with tax revenues increasing by 29.3 percent and non-tax revenues witnessing a remarkable uptick of 89.8 percent. Notably, markup expenditure constituted 40 percent of the total expenditure.
Regarding inflation, the average rate was recorded at 26 percent during July-April 2023-24, showing a slight decrease compared to the previous year’s figure of 28.2 percent. Moreover, a consistent decline in inflationary pressures has been observed since January 2024, indicating positive developments in the economy’s overall stability.
Budget 2024-25
Tomorrow marks another significant milestone, as the finance minister is slated to present the budget for the upcoming financial year to the National Assembly. This will initiate a period of parliamentary debate on the bill’s provisions, ultimately leading to the enactment of the budget into law before the close of the fiscal year.
Mobile phone prices to go up with new import duties in Budget 2024-25
