The federal government is set to release the Pakistan Economic Survey 2024-25 on Monday, providing a comprehensive review of the economic performance of the nation during the previous fiscal year.
Although some sectors performed beyond expectations, the total economic growth was short of the target set by the government, a mixed bag of achievements and ongoing challenges.
Pakistan’s provisional fiscal year GDP growth was at 2.68%, well below the 3.6% target rate, reported sources, citing the document. This below-target growth reflects the challenges of major sectors as well as the tenuous recovery path the nation is still on.
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The Pakistan Economic Survey 2024-25 points out that the economy’s size increased by $39.3 billion, to $410.96 billion from last year’s $371.66 billion. Locally, the economy increased by Rs. 9,600 billion, with the overall size rising to Rs. 114.7 trillion. The per capita income also rose by $144, touching $1,680 for the year.
Agriculture stumbles, industry shines
One of the biggest disappointments of the year came from the agriculture sector, which showed overall growth of just 0.56%, far below the 2% target. Major crops performed especially poorly, registering a sharp decline of 13.49%, compared to a targeted contraction of only 4.5%. The cotton ginning industry was hit hard as well, shrinking by 19%.
But all was not doom. Livestock and other crops provided some respite with growth rates of 4.72% and 4.78%, respectively. Even with these islands of improvement, the forestry and fisheries industries underperformed as well.
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The manufacturing sector, however, registered a healthy 4.77% expansion, exceeding its 4.4% target. Large industry contracted 1.53%, while small industry soared with an 8.81% expansion, and the building sector surprised with 6.61% growth. The electricity, gas, and water supply sector was the star performer, rising 28.88%, far ahead of its lowly 2.5% target.
Services sector delivers mixed results
The services sector, historically robust GDP, posted a 2.91% increase, which fell short of the target of 4.1%. Wholesale trade and retail trade shifted marginally, posting an increment of just 0.14%. Sub-sectors such as public administration and social security made waves with a 9.92% increase, almost three times the initial projection.
Finance, information and communication, education, health, and social work segments exhibited modest but consistent progress.
