The National Accounts Committee (NAC) has released its estimates for the third quarter (Q3) and annual figures for the financial year 2023-24, indicating a positive growth trend in Pakistan’s Gross Domestic Product (GDP).
In Q3 of FY24, Pakistan’s GDP has shown a growth of 2.09 percent, according to the NAC.
The committee has also approved revised estimates for the first and second quarters of FY 2023-24. The overall GDP growth for Q1 and Q2 has been revised to 2.71% and 1.79% respectively, compared to the earlier estimates of 2.50% and 1.0% presented in the 108th NAC meeting.
While the growth in agriculture remained stable during Q1, showing a slight improvement in Q2, significant revisions were noted in important crops and other crops.
The 109th meeting of the National Accounts Committee was held recently, where the committee approved quarterly GDP growth rates for Q1 (Revised), Q2 (Revised), and Q3 during FY 2023-24, along with annual growth rates for the preceding and ongoing fiscal years.
Despite improvements in mining and quarrying, the industrial sector witnessed a downward revision in Q1, while Q2 showed positive changes primarily in mining and construction.
Services sector growth has improved in both Q1 and Q2 due to enhancements in various subsectors such as information and communication, public administration, and social security.
During Q3 of FY 2023-24, Pakistan’s economy demonstrated a stable growth of 2.09%, with positive contributions from agriculture, industry, and services. Notably, the agriculture sector saw positive growth across all its constituents, while industrial growth was buoyed by mining and quarrying, and construction despite a decline in the construction industry.
The overall services sector growth remained positive, albeit with mixed trends across its subsectors.
The committee also approved the final growth figures for FY 2021-22 and revised growth figures for FY 2022-23. Furthermore, provisional GDP growth for the ongoing FY 2023-24 was set at 2.38%.
In summary, Pakistan’s GDP has shown signs of improvement, with various sectors contributing to the overall growth trajectory, as acknowledged by the NAC and key stakeholders.
