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Pakistan

Q2FY24: Pakistan sees GDP growth of 1%, below expectation

  • National Accounts Committee says agriculture sees 5.02% growth, but industrial sector contracts
Published March 28, 2024
Pakistan has faced record high inflation in recent months with the CPI figure only beginning to slow down due to a high base effect. Photo: AFP
Pakistan has faced record high inflation in recent months with the CPI figure only beginning to slow down due to a high base effect. Photo: AFP

Pakistan’s gross domestic product (GDP) grew a modest 1% in the second quarter (October-December) of fiscal year 2023-24, estimates released by the Pakistan Bureau of Statistics (PBS) on Thursday showed.

“During Q2 2023-24, the economy posted a modest growth of 1.0%,” stated a press release issued by the PBS after the 108th National Accounts Committee (NAC) meeting.

The GDP figure is below expectations as official estimates had put the number in the range of 2-3%.

The NAC also approved a revised figure for the first quarter, pegging growth at 2.5% as compared to 2.13% estimated in the 107th meeting.

The Finance Ministry in its ‘Economic Monthly Update & Outlook February 2024’ had estimated Q2 fiscal year 2023-24 GDP growth to rise to around 3%, claiming stronger manufacturing output and higher production of crops including cotton.

However, in its statement, the NAC noted that while agriculture has shown growth of 5.02% as compared to same period of last year, industries posted a contraction of 0.84%, while services also showed a nominal growth of 0.01%.

Pakistan has put its growth forecast at 2-2.5% for the ongoing fiscal year.

Comments

200 characters
KU Mar 28, 2024 07:25pm
Would love to know which area of agriculture showed 5.02% growth, BR to rescue please. Farmers across Pakistan are in difficulty and selling assets to cover unfeasible farming activities.
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SAd Mar 28, 2024 08:00pm
Its Just pure bias way of reporting the numbers. Yes you could be biased but this much???
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Bilal Mar 28, 2024 08:06pm
@Az_Iz, do you think 500 PKR per litre is cheap? Not at all. Taxes should be increased on real estate and retail businesses, not on a basic food commodity.
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Rebirth Mar 28, 2024 09:41pm
Then why is the industrial sector paying so much in taxes while the heavily subsidized agricultural sector that is growing so much is getting tax breaks without exemption? Yet, we still import grain.
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Ash Chak Mar 29, 2024 02:34am
Wow. Pakistan actually dodged a recession! Given all the headwinds that the economy faces this has to be because of the effect of inflation on nominal GDP.
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Abdool Mar 29, 2024 06:11am
Both Pakistan and India break the expectations. Congrats
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