Pakistan’s gross domestic product (GDP) grew by 3.07% in the fourth quarter (April-June) of fiscal year 2023-24, according to estimates released by the Pakistan Bureau of Statistics (PBS) on Monday. The data was shared after the 110th meeting of the National Accounts Committee (NAC).
The report highlighted growth in key sectors during Q4, with agriculture posting a 6.76% increase, services expanding by 3.69%, while the industrial sector contracted by 3.59%.
Additionally, the NAC revised the provisional GDP growth for FY24 to 2.52%, higher than the earlier estimate of 2.38%. Sector-wise growth for the fiscal year stood at 6.36% for agriculture, -1.15% for industry, and 2.15% for services.
The strong growth in agriculture was attributed to a 17.02% increase in major crops, including wheat, which saw production rise from 31.438 to 31.583 million tonnes. However, growth in other crops declined to -1.20%, while livestock grew from 3.89% to 4.47%.
For the fiscal year 2022-23, the NAC revised GDP growth to -0.22%, slightly lower than the previous estimate of -0.21%. The committee also revised GDP growth rates for Q1, Q2, and Q3 of FY24, now standing at 2.69%, 1.97%, and 2.36%, respectively.
Looking ahead, Topline Securities projects Pakistan’s GDP to grow by 2.5% to 3.0% in FY25, with agriculture, industry, and services expected to grow by 1.7%, 2.1%, and 3.4%, respectively. The International Monetary Fund (IMF) forecasts a higher GDP growth of 3.2% for FY25, while the Asian Development Bank (ADB) projects moderate growth at 2.8%.
