ISLAMABAD – Pakistan’s economy registered moderate recovery reflected by a GDP growth of 2.38 percent against previous year’s contraction of 0.21 percent but it missed the target.
Finance Minister Muhammad Aurangzeb revealed as he unveiled Survey 2023-24 at a ceremony in Islamabad.
“Agriculture emerged as a main driver of economic growth, registering a growth of 6.25 percent on the back of double-digit growth in output of major crops. Industrial and services sectors also showed resilience with each posting a growth of 1.21 percent,” read the economic survey.
Current account deficit was kept under check, with marked improvement in foreign exchange reserves, reaching US$ 14.6 billion by end May 2024.
The fiscal sector progressed towards stability, propelled by consolidation efforts and targeted reforms. Fiscal deficit remained manageable with an overall primary surplus. Rupee appreciated by almost 3.0 percent during the first eleven months, it said.
The release of Pakistan Economic Survey 2023-24 marks a significant event as it coincides with Pakistan’s steady progress towards economic recovery and stabilization.
The document examines key sectors of the economy, highlighting growth catalysts for the year. It also provides an update on macroeconomic and socioeconomic variables during the first nine to ten months of FY2024.
Although inflation remains high, it is now on a downward trend. Moving forward, the newly elected government is putting efforts to leverage this stability by maintaining robust macroeconomic policies and implementing structural reforms to achieve stronger, more inclusive, and sustainable growth.
The performance of the government in revenue collection and disciplined federal expenditure control facilitated the generation of a substantial primary surplus in first three quarters of FY 2024.The State Bank of Pakistan adopted tight monetary policy stance to bring inflation to moderate levels.
Government’s dedicated efforts to complete 2023 Stand-By Arrangement (SBA) have yielded significant progress in reinstating economic stability. The economy has experienced a resurgence in moderate growth and a reduction in external pressures..
