National Economic Survey for FY2024-25 to Be Presented Today

The National Economic Survey for the fiscal year 2024–25, which was scheduled for yesterday, will be presented today by Finance Minister Muhammad Aurangzeb at 2:30 pm.

According to the preliminary figures, Pakistan missed several key economic targets for the outgoing fiscal year. The report reveals that Pakistan’s provisional GDP growth rate for the current fiscal year was 2.68%, significantly lower than the target of 3.6%.

Reportedly, the size of the economy increased by $39.3 billion, reaching $410.96 billion, compared to $371.66 billion last year. On the domestic front, the economy expanded by Rs. 9,600 billion, bringing the total size to Rs. 114.7 trillion, up from Rs. 105.1 trillion in the previous year. Similarly, per capita income rose by $144, reaching $1,680.

The agriculture sector overall performed poorly. The growth rate of major crops was -13.49%, while the target was -4.5%. Cotton ginning also saw a steep decline, shrinking by 19%. Overall, the agriculture sector’s growth stood at 0.56%, which is below the 2% target.

However, livestock and other crops showed some improvement, growing by 4.72% and 4.78% respectively. The forestry and fisheries sectors also remained below target.

The industrial sector recorded a 4.77% growth, exceeding the target of 4.4%. Small-scale industries and slaughtering saw growth rates of 8.81% and 6.34% respectively, while large-scale manufacturing declined by 1.53%. The electricity, gas, and water supply sector experienced exceptional growth of 28.88%, far surpassing the target of 2.5%.

The construction sector also outperformed expectations, growing by 6.61%.

The services sector grew by 2.91%, which is below the 4.1% target. Wholesale and retail trade showed minimal growth of only 0.14%.

Sectors such as information and communication, finance, real estate, education, health, and social work showed moderate increases. Public administration and social security grew by 9.92%, almost three times the target of 3.4%.

Overall, the Economic Survey presents a mixed and unbalanced picture of the economy, with some sectors showing significant progress while many key sectors fell short of their targets.