The bureau issued a statement estimating the provisional GDP growth rate for the fiscal year ending June 2024 at 2.38%. In contrast, the economy contracted by 0.21% in 2023 as a result of political turmoil, increases in taxes and gasoline prices, and import restrictions. , a sharp fall in the value of the rupee, and a rapid rise in inflation.
Pakistan’s state bank said in its semi-annual report last week it expects real GDP growth of 2-3 percent for fiscal 2024. Image credit: Reuters
Pakistan’s GDP expanded by 2.09% in the third quarter of fiscal year 2023-2024 as a result of strong growth in agriculture, according to a news release issued by the Pakistan Bureau of Statistics on Tuesday.
The bureau issued a statement estimating the provisional GDP growth rate for the fiscal year ending June 2024 at 2.38%. In contrast, the economy contracted by 0.21% in 2023 as a result of political turmoil, increases in taxes and gasoline prices, and import restrictions. , a sharp fall in the value of the rupee, and a rapid rise in inflation.
Pakistan’s central bank last week predicted real GDP growth of 2-3% in 2024 in its semi-annual report.
The bureau updated its initial forecast of 2.5% and 1% for the first and second quarters of fiscal year 2023-2024 to 2.71% and 1.79%, respectively.
It further said that the provisional estimates of growth rates for agriculture, industry and services for FY24 are 6.25 per cent and 1.21 per cent, respectively.
“The healthy growth in agriculture is mainly due to double-digit growth in key crops,” the agency said, adding that good harvests of wheat, cotton and rice contributed to the positive results.
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