Finance Minister to release National Economic Survey 2024-25 tomorrow

The National Economic Survey for the current fiscal year will be officially released tomorrow. According to government sources, the country failed to achieve most of its economic targets for the year, including the overall growth rate, as well as agricultural and services sector benchmarks.

According to the 24NewsHD TV channel, the Ministry of Finance has announced that the official launch ceremony of the survey will be held tomorrow at 2:30 pm. Finance Minister Muhammad Aurangzeb will formally unveil the National Economic Survey and deliver a presentation outlining key statistics and trends for the fiscal year 2024-25. The finance minister is also expected to respond to media questions during the event.

According to the document, the production of major crops declined by 13.5 percent during the fiscal year. Cotton production dropped by 30.7 percent to 7.08 million bales. Corn production fell by 15.4 percent to 8.24 million tonnes, while wheat production declined by 8.91 percent, totalling 28.98 million tonnes. Sugarcane output decreased by 3.88 percent to 84.24 million tonnes. Rice production also dropped by 1.38 percent, reaching 9.72 million tonnes, while pulses saw a reduction of 14.2 percent.

However, the production of other crops increased by 4.8 percent. Vegetable output rose by 7.8 percent and fruit production saw a 4.1 percent increase. Oilseed production jumped by 29.8 percent, and spices recorded a 9.7 percent increase.

The livestock sector grew from 4.4 percent to 4.7 percent, and the population of livestock increased by 3.77 percent during the same period.

According to finalised figures of the economic survey, the overall GDP growth rate stood at 2.68 percent, falling short of the 3.6 percent target. The size of Pakistan’s economy reached $410.96 billion, an increase of $39.3 billion from the previous year. Per capita income rose by $144, bringing the total to $1,680 per person annually.

In local currency terms, the economy expanded from Rs. 9,600 billion to Rs. 114.7 trillion. The agricultural sector registered a growth of only 0.56 percent against a target of 2 percent.

Major crops recorded a negative growth of 13.49 percent, while other crops exceeded expectations with a 4.78 percent increase. Cotton ginning declined sharply by 19 percent, compared to the negative 2.3 percent target. Livestock outperformed its target with 4.72 percent growth versus the 3.8 percent goal. Forestry grew by 3.03 percent, just below the 3.2 percent target.

The fisheries sector showed modest growth at 1.42 percent, missing the 3.1 percent target. The industrial sector achieved 4.77 percent growth, surpassing its 4.4 percent target. The overall productive sector grew by 1.34 percent, falling short of the 4.4 percent objective. Large-scale manufacturing experienced a contraction of 1.53 percent.

On a positive note, small-scale industries performed strongly, growing by 8.81 percent, well above expectations. The slaughtering sub-sector saw growth of 6.34 percent, compared to its 3.8 percent target. Notably, electricity, gas, and water supply posted an impressive growth of 28.88 percent.

Reporter: Waqas Azeem