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
Pakistan joins 22 Muslim states, OIC to condemn Israeli FM’s visit to Somaliland
- Israeli Foreign Minister Gideon Saar visited breakaway African region of Somaliland on January 6
- Muslim states urge Israel to withdraw Somaliland recognition, respect Somalia’s sovereignty
ISLAMABAD: A joint statement by Pakistan, 22 other Muslim states and the Organization of Islamic Cooperation (OIC) on Thursday condemned Israeli Foreign Minister Gideon Saar’s recent visit to Somaliland as a violation of the African nation’s territorial integrity and sovereignty.
Saar’s visit to Somaliland capital Hargeisa on Jan. 6 followed Israel’s move last month to recognize Somaliland, a breakaway region from Somalia, as an independent country. The move drew a sharp reaction from Muslim states, including Pakistan, who said it was in contravention of the UN Charter and international norms.
Several international news outlets months earlier reported that Israel had contacted Somaliland over the potential resettlement of Palestinians forcibly removed from Gaza. Muslim countries fear Israel’s recognition of the breakaway region could be part of its plan to forcibly relocate Palestinians from Gaza to the region.
“The said visit constitutes a clear violation of the sovereignty and territorial integrity of the Federal Republic of Somalia, and undermines established international norms and the United Nations Charter,” the joint statement shared by Pakistan’s foreign office, read.
The joint statement was issued on behalf of 23 Muslim states, including Saudi Arabia, Bangladesh, Pakistan, Egypt, Iraq, Iran, Palestine, Jordan, Kuwait, Türkiye, Oman and others.
It reaffirmed support for Somalia’s territorial integrity and sovereignty, pointing out that respect for international law and non-interference in the internal affairs of sovereign states was necessary for regional stability.
“Encouraging secessionist agendas are unacceptable and risk exacerbating tensions in an already fragile region,” the statement said.
The joint statement urged Israel to revoke its recognition of the breakaway region.
“Israel should fully respect Somalia’s sovereignty, national unity and territorial integrity and honor its obligations in compliance with international law, and demand immediate revocation of the recognition issued by Israel,” the statement read.
Somaliland broke away from Somalia unilaterally in 1991 as a civil war raged in the country. Somaliland has its own constitution, parliament and currency, a move that has infuriated Somalia over the years as it insists the region is part of its territory.
