Pakistan’s economic growth revised up to 3.09% for FY 2024–25, NAC approves estimates

Pakistan’s annual economic growth rate for the fiscal year 2024–25 has been revised upward to 3.09 percent, according to figures approved by the National Accounts Committee (NAC).

Earlier, the revised estimate for the same fiscal year had placed economic growth at 3.04 percent, while the initial estimate stood at 2.68 percent. Despite the upward revision, the government’s growth target of 3.6 percent for FY 2024–25 could not be achieved.

The NAC, in its meeting, also approved the economic growth figures for the first quarter of the current fiscal year. According to the Pakistan Bureau of Statistics (PBS), the economy recorded a growth rate of 3.71 percent during the July–September quarter.

Sector-wise data shows that during the first quarter, agricultural sector growth stood at 2.89 percent, while the industrial sector posted a strong growth of 9.38 percent. The services sector grew by 2.36 percent during the same period. However, the mining sector recorded a negative growth of 4.13 percent, while large-scale manufacturing expanded by 4.10 percent.

Statistics Pakistan reported that with the revised estimates, the size of Pakistan’s economy reached Rs 113.93 trillion in fiscal year 2024–25. Per capita income during the year was recorded at $1,814.

The NAC’s approval of revised GDP figures and quarterly growth data provides an updated assessment of the country’s economic performance amid ongoing fiscal and structural challenges.

Reporter: Waqas Azeem