ISLAMABAD – According to the Pakistan Economic Survey for fiscal year 2024-25, economic growth remained below expectations as the economy recovers and withstands tough times. Finance Minister Muhammad Aurangzeb will release the Economic Survey 2024-25 a day before the Budget.

As per sources, Pakistan’s economy bounced back with an increase of 2.68pc however, it didn’t meet the target of 3pc set by the Government. The overall size of the economy reached $410.96 billion, an increase of $39.3 billion as compared to the previous $371.66 billion of the last fiscal year.

Per capita annual income rose by $144, reaching $1,680. The economy expanded by 9,600 billion, totaling 114.7 trillion, an increase from 105.1 trillion last year. The agricultural sector fell short of expectations, with a growth rate of only 0.56% compared to a target of 2%. Last year, key crops experienced a significant decline, decreasing by 13.49%, well below the projected 4.5% drop. Cotton ginning also faced a steep decline of 19%. Conversely, the livestock sector demonstrated positive growth of 4.72%, surpassing its target of 3.8%.

Industrial growth exceeded expectations, achieving 4.77%, surpassing the initial target of 4.4%. However, large-scale industries declined by 1.53%, while small-scale industries experienced a significant increase of 8.81%. The electricity, gas, and water supply sector displayed impressive growth of 28.88%, well above its 2.5% target, and the construction sector expanded by 6.61%.

The services sector increased by 2.91%, falling short of the 4.1% target, while wholesale and retail trade saw minimal growth at just 0.14%, significantly underperforming expectations. Conversely, the information and communication sector excelled with a robust growth rate of 6.48%.

The real estate sector experienced a growth rate of 3.75%, which is slightly above the target. The education, health, and social work sectors also demonstrated steady growth. Notably, the public administration and social security sectors saw a remarkable increase of 9.92%. According to experts, while the economy has shown resilience in certain areas, challenges persist, especially in agriculture and large industries,  as Pakistan navigates both domestic and global economic pressures.

The comprehensive Economic Survey report will offer in-depth insights into the performance of various sectors and detail government strategies for sustainable economic growth.