In the second quarter (October-December) of fiscal year 2023-24, Pakistan recorded a modest 1% growth in its gross domestic product (GDP), according to estimates released by the Pakistan Bureau of Statistics (PBS).
This figure falls below the expected range of 2-3%, as projected by official estimates. The PBS, in a statement after the 108th National Accounts Committee (NAC) meeting, announced that the economy’s growth during this period was restricted to 1.0%.
Furthermore, the NAC revised the growth figure for the first quarter, increasing it to 2.5% from the previously estimated 2.13% in the 107th meeting.
Despite the anticipation of a higher GDP growth rate of around 3% in the second quarter of fiscal year 2023-24, as mentioned in the Finance Ministry’s ‘Economic Monthly Update & Outlook February 2024,’ the NAC highlighted that industries experienced a contraction of 0.84%, and services showed only nominal growth of 0.01%. However, agriculture witnessed growth of 5.02% compared to the same period last year.
Pakistan has maintained its growth forecast for the ongoing fiscal year at 2-2.5%.
