The latest report from the Pakistan Bureau of Statistics reveals that the country’s GDP has grown by 2.09% in the third quarter of the financial year 2023-2024. This growth is attributed to a significant increase in the agricultural sector, which has been a key support to the economy.
In a press release issued on Tuesday, the bureau stated that the estimated provisional growth rate for the entire financial year ending in June 2024 is 2.38%. This marks a positive turn compared to the previous financial year, which saw a 0.21% economic contraction due to various challenges including political unrest and inflationary pressures.
Looking ahead, the central bank of Pakistan has projected a real GDP growth of 2-3% for the fiscal year 2024. This forecast indicates a cautious optimism for the economic outlook of the country.
One notable development is that Pakistan has begun releasing quarterly growth numbers since November. This move aims to enhance transparency and accountability in reporting economic performance.
The latest data also includes revised estimates for the first and second-quarter GDP growth rates for the financial year 2023-2024, which now stand at 2.71% and 1.79% respectively. These adjustments reflect a more accurate picture of the economic landscape.
Specifically, the provisional growth estimates for different sectors in the 2024 financial year indicate a robust performance in agriculture, with a growth rate of 6.25%. This growth is attributed to the double-digit increases in key crops such as wheat, cotton, and rice, which have significantly contributed to the positive outcome.
Overall, the recent data suggests that Pakistan’s economy is showing signs of resilience and potential for growth, especially with the support from the agricultural sector. As the country continues to navigate economic challenges and implement reforms, there is optimism for a gradual recovery and sustainable development in the coming years.