By Staff Reporter
ISLAMABAD: Pakistan’s economy is expected to have grown by 2.7% in the fiscal year 2024-25, preliminary figures signal on Monday, with the official Economic Survey set to be unveiled later today by Finance Minister Muhammad Aurangzeb.
Ahead of the release, officials indicate the survey will likely project an ambitious GDP growth target of 4.2 percent for the next fiscal year, driven largely by agriculture, as the government prepares to present its federal budget on June 10.
The survey, a vital gauge of Pakistan’s socio-economic health, is expected to spotlight agriculture’s role in driving growth. “A comprehensive strategy is currently being formulated to ensure a steady and sustainable increase in agricultural productivity in the coming years,” according to the National Economic Council findings.
The council, endorsing the Annual Plan Coordination Committee, credited federal-provincial coordination for nudging the economy toward “recovery and growth.”
The forthcoming survey, compiled by the Annual Plan Coordination Committee and endorsed by the NEC, is anticipated to provide a comprehensive overview of Pakistan’s socio-economic trends, from agriculture and telecom to inflation, trade, debt, and climate impacts.
It will also cover industry, services, energy, IT, markets, health, education, transport, social programs, sustainability, and infrastructure, plus metrics like population and jobs.
While the numbers remain unofficial until the survey’s release, they offer an early glimpse into the economic trajectory as Pakistan seeks stability and inclusive growth.
Early estimates peg the fiscal deficit at 2.6% of GDP, with a 3% primary surplus reflecting tighter policy. Remittances surged 30.9% from July 2024 to April 2025, lifting the current account to a rare surplus, NEC data shows. A proactive monetary stance eased the policy rate to 11%, spurring Rs681 billion in private-sector loans from July 2024 to May 2025, per finance ministry sources.
The central bank is said to have lowered the policy rate to 11%, spurring Rs681 billion in private-sector credit between July 2024 and May 2025, signaling rising confidence.
Development spending is also expected to remain robust, with the 2024-25 Annual National Development Programme allocating Rs3,483 billion, Rs1,100 billion for federal projects and Rs2,383 billion for provincial initiatives, laying a foundation for recovery, according to finance ministry projections.
The survey primes the stage for the June 10 budget, confirmed by Finance Adviser Khurram Schehzad. National Assembly Speaker Sardar Ayaz Sadiq scheduled debates from June 13 to June 21, with the 2025-26 Finance Bill set for approval on June 26 after votes on deductions and grants.
Prime Minister Shehbaz Sharif has emphasised a budget focused on relief, targeting job creation, agriculture, IT, SMEs, and housing. “The government’s priority is to provide relief,” Sharif stated, aiming to balance growth with social support.
Copyright © 2021 Independent Pakistan | All rights reserved
