The 114th meeting of the National Accounts Committee (NAC) was held at the Pakistan Bureau of Statistics (PBS) headquarters in Islamabad, chaired by the Secretary of the Ministry of Planning, Development & Special Initiatives (PD&SI).
The committee approved revised quarterly and updated annual GDP growth figures for FY2023-24 and FY2024-25.
According to the revised estimates, Pakistan’s GDP growth for FY2024-25 has been updated to 3.04%, compared to the earlier estimate of 2.68%. Growth in agriculture, industry, and services stood at 1.51%, 5.26%, and 3.0%, respectively.
Quarterly Performance
Revised quarterly GDP growth rates showed steady improvement throughout FY2024-25, from 1.80% in Q1, 1.94% in Q2, and 2.79% in Q3, to a robust 5.66% in Q4.
The strong Q4 performance was largely driven by a sharp rebound in the industrial sector, which grew by 19.95% compared to a 3.06% contraction during the same period last year. Growth in agriculture and services during Q4 stood at 0.18% and 3.72%, respectively.
Sector-Wise Performance
- Agriculture: Despite a 17.55% decline in important crops, other crops surged by 17.99%, led by higher production of green fodder (+14.2%), onions (+12.6%), and mangoes (+26.4%). Livestock (+1.44%), forestry (+3.60%), and fishing (+2.23%) also contributed positively.
- Industry: All subsectors contributed positively, including mining & quarrying (+1.94%) and large-scale manufacturing (+2.96%). The electricity, gas & water supply industry recorded an exceptional +121.38% growth, supported by higher subsidies, a lower deflator, and a favorable base effect. Construction expanded by 17.65%, reflecting higher cement production and infrastructure spending.
- Services: The sector grew 3.72%, led by finance & insurance (+6.81%), public administration (+12.87%), and transportation & storage (+4.06%).
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Updated FY2023-24 Growth
The committee also approved an upward revision in GDP growth for FY2023-24 to 2.58% from 2.51%. Agriculture remained strong at 6.40%, while industry improved slightly from -1.37% to -1.19% and services rose from 2.19% to 2.25%.
Revised Estimates by Sector (FY2024-25)
- Agriculture: Improved from 0.56% to 1.51%, driven by better performance in other crops (+19.55%) and moderate gains in forestry (+2.66%) and fishing (+1.40%).
- Industry: Revised upward from 4.77% to 5.26%, with notable gains in large-scale manufacturing, construction, and mining.
- Services: Increased slightly from 2.91% to 3.0%, with broad-based improvement across most sub-sectors, including wholesale & retail trade (+0.46%) and finance & insurance (+3.90%).
