By Staff Reporter
ISLAMABAD: Pakistan’s economy expanded by 2.4% in the third quarter of fiscal year 2024-25, bolstered by gains in agriculture and services, even as the industrial sector shrank, data from the Pakistan Bureau of Statistics (PBS) showed on Tuesday.
The National Accounts Committee, in its 113th meeting, reported agriculture sector grew 1.18%, services 3.99% in the January-March period of FY2024-25. The industry, however, contracted 1.14% during the January to March period of FY25.
Agriculture: While production of important crops dropped 11.14%, other crops rose 4.84%, driven by double-digit increases in onion (11%) and mango (26%) output. Livestock advanced 4.42%, forestry 4.25%, and fishing 0.50%, all contributing to the sector’s resilience.
Industry: Industrial output contracted 1.14% during the quarter, dragged down by declines in mining and quarrying (-3.96%), large-scale manufacturing (-0.89%), electricity, gas and water supply (-7.72%), and construction (-9.12%).
Services: The services sector posted a robust 3.99% growth, with all sub-sectors in positive territory. Standouts included information and communication, up 18.44%, finance and insurance activities, up 10.65%, and public administration and social security, up 13.73%. Education grew 4.63%, health and social work 5.06%, and other private services 2.93%. Wholesale and retail trade rose 1.57%, while transportation and storage edged up 0.67%.
The committee adjusted GDP growth for Q1 and Q2 of FY2023-24 to 1.37% and 1.53%, respectively. For FY2024-25, full-year growth is projected at 2.68%, missing the government’s 3.6% target.
The economy is expected to reach Rs114.7 trillion ($410.96 billion), up from Rs105.1 trillion ($371.66 billion), lifting per capita income to Rs509,174 ($1,824). FY2022-23 GDP growth was finalized at -0.21%, slightly better than the prior -0.22% estimate.
The third-quarter results underscore a services-led recovery, offsetting industrial weakness, though the shortfall against the annual target signals headwinds remain for Pakistan’s economic policymakers.
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