ISLAMABAD: Pakistan’s economy grew 2.09% in the third quarter of the financial year 2023-2024, supported by higher growth in agriculture, the Pakistan Bureau of Statistics said in a press release on Tuesday.
The estimated provisional growth rate of gross domestic product (GDP) for the financial year ending June 2024 is 2.38%, the bureau said in a statement. That compares with a revised 0.21% economic contraction in the 2023 year when political unrest, a combination of tax and gas tariff hikes, controlled imports, and a steep fall in the rupee currency rapidly pushed up inflation.
Last week in its half yearly report, Pakistan’s central bank projected real GDP growth of 2-3% for the fiscal year 2024.
There was no comparable year-ago third quarter GDP data as Pakistan only began releasing quarterly growth numbers from November. That was done in compliance with the structural benchmarks of the current $3 billion bailout program agreed with the International Monetary Fund and completed last month.
The bureau revised the first and second quarter GDP estimates for financial year 2023-2024 to 2.71% and 1.79% respectively, compared to earlier estimates of 2.5% and 1%.
The provisional 2024 financial year growth in agriculture was estimated at 6.25%, and 1.21% for both industry as well as services, it added.
“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.
