 "Pakistan's central bank predicted real GDP growth of 2-3% for the fiscal year 2024 last week in its half-yearly report Image Courtesy Reuters")
As a result of stronger growth in agriculture, Pakistan’s GDP expanded by 2.09% in the third quarter of the fiscal year 2023–2024, according to a news release issued by the Pakistan Bureau of Statistics on Tuesday.
The Bureau released a statement estimating the GDP’s preliminary growth rate to be 2.38% for the fiscal year ending in June 2024. In contrast, the economy shrank by 0.21% in 2023 as a result of political upheaval, increased taxes and gas prices, import restrictions, a sharp decline in the value of the rupee, and quickly rising inflation.
Pakistan’s central bank predicted real GDP growth of 2-3% for the fiscal year 2024 last week in its half-yearly report.
The Bureau updated its initial forecasts of 2.5% and 1% for the first and second quarters of the 2023–2024 fiscal year to 2.71% and 1.79%, respectively.
It further stated that the provisional estimates for the 2024 fiscal year growth in agriculture and industry and services were 6.25% and 1.21%, respectively.
“The healthy growth of agriculture is mainly due to double-digit growth in important crops”, the bureau said, adding that bumper crop of wheat, cotton, and rice contributed to the positive result.