KARACHI: Pakistan’s economy grew by 0.92 percent in the first quarter of the fiscal year 2024-25, despite a contraction in the industrial sector, according to data approved by the National Accounts Committee, and released by its Statistics Bureau on Monday.
The South Asian country is navigating a challenging economic recovery path and has been buttressed by a $7 billion facility from the International Monetary Fund (IMF) in September.
The growth was driven by positive performances in the agriculture and services sectors, which grew by 1.15 percent and 1.43 percent, respectively, in the first quarter of the fiscal year which ends in June 2025.
Pakistan’s economy grew by 2.69 percent year-on-year in the first quarter of the previous 2023-24 fiscal year.
However, the industrial sector contracted by 1.03 percent, mainly due to a decline in mining and quarrying activities during July-September, read the report.
The committee compiling the national accounts approved the introduction of quarterly estimates of expenditure of the economy.
On the basis of latest figures of the national accounts aggregates for the last fiscal year, the overall size of the economy stood at 105.6 trillion Pakistani rupees ($379.31 billion).
Annual per capita income in rupees was recorded at 472,263 Pakistani rupees ($1,696.35).
The committee also approved an updated annual growth rate for the last fiscal year 2023-24, which stood at 2.50 percent, slightly lower than the previously estimated 2.52 percent.
Pakistan’s economy grows 0.92 percent in Q1 of ongoing fiscal year
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Pakistan’s economy grows 0.92 percent in Q1 of ongoing fiscal year
- The country is navigating a challenging economic recovery path and has been buttressed by a $7 billion facility from the IMF
- The growth was driven by positive performances in agriculture and services sectors, which grew by 1.15 percent and 1.43 percent, respectively
Pakistani students stuck in Afghanistan permitted to go home
- The border between the countries has been shut since Oct. 12
- Worries remain for students about return after the winter break
JALALABAD: After three months, some Pakistani university students who were stuck in Afghanistan due to deadly clashes between the neighboring countries were “permitted to go back home,” Afghan border police said Monday.
“The students from Khyber Pakhtunkhwa (northwest Pakistan) who were stuck on this side of the border, only they were permitted to cross and go to their homes,” said Abdullah Farooqi, Afghan border police spokesman.
The border has “not reopened” for other people, he said.
The land border has been shut since October 12, leaving many people with no affordable option of making it home.
“I am happy with the steps the Afghan government has taken to open the road for us, so that my friends and I will be able to return to our homes” during the winter break, Anees Afridi, a Pakistani medical student in eastern Afghanistan’s Nangarhar province, told AFP.
However, worries remain for the hundreds of students about returning to Afghanistan after the break ends.
“If the road is still closed from that side (Pakistan), we will be forced to return to Afghanistan for our studies by air.”
Flights are prohibitively expensive for most, and smuggling routes also come at great risk.
Anees hopes that by the time they return for their studies “the road will be open on both sides through talks between the two governments.”
