Islamabad June 11 2024: Pakistan real GDP growth turned to positive in fiscal year 2024 due to prudent policy management and the resumption of inflows from multilateral and bilateral partners, and the gradual economic recovery in the major trading partners, revealed in economic survey released today.
The real GDP posted a growth of 2.38 percent in FY2024, according to the document.
The robust growth in agriculture sector, the highest in last 19 years emerged as the key driver of economic growth in FY2024.
The prolonged inflationary impact is gradually fading in FY2024. The inflation is trending downward steadily since third quarter of FY2024. This improvement is picking up the aggregate demand along with the resilient external sector and fiscal consolidation.
GDP at current market prices increased to Rs.106,045 billion (US$ 374.9 billion) in FY2024, showing a growth of 26.4 percent over (Rs. 83,875 billion) last year.
Per capita income increased by US$129 to US$1680 as compared to US$1,551 of last year on the account of increase in economic activity and appreciation in the exchange rate.
The investment to GDP ratio stood at 13.14 percent in FY2024 compared to 14.13 percent in FY2023 mainly due to contractionary macroeconomic policies and political uncertainty.
The saving to GDP ratio recorded at 13.0 percent in FY2024 compared to 13.2% in FY2023.
The growth of agriculture sector estimated at 6.25 percent in FY2024. This growth is mainly driven by 16.82 percent growth in important crops such as wheat, rice and cotton.
The industrial sector posted a positive growth of 1.21 percent in FY2024. Industrial sector performance is mainly driven by the manufacturing sector (2.42%) and construction sector (5.86%).
Services sector constitutes the largest share of 57.7 percent in GDP for FY2024. This sector also witnessed a moderate growth of 1.21 percent.
