KARACHI: Pakistan’s economy grew 2.4 percent in the third quarter of the fiscal year that ends in June, the national accounts committee said on Tuesday, while revising up growth prospects for the current fiscal year.
In a statement the committee approved a projection of 2.68 percent provisional growth in GDP during FY 2024/25, taking the size of Pakistan’s economy to $410.96 billion.
This month Pakistan’s central bank cut its key policy rate by 100 basis points to 11 percent, citing an improved inflation outlook and resuming a series of cuts from a record high of 22 percent, following a brief pause in March, to support growth.
The latest national accounts aggregates for fiscal 2024/25 showed the size of the economy at 114.7 trillion rupees ($410.96 billion) up from 105.1 trillion rupees ($ 371.66 billion), the committee said.
Growth in the agriculture sector was 1.18 percent in Q3, despite a decline in important crops, while industry contracted 1.14 percent, hit by negative growth in mining and quarrying and large-scale manufacturing.
The committee also approved Pakistan’s revised GDP growth at 1.37 percent in the first quarter and 1.53 percent in the second.
Pakistan’s manufacturing sector growth slowed to a seven-month low in April, with the HBL Pakistan Manufacturing Purchasing Managers’ Index (PMI) easing to 51.9 from 52.7 in March, weighed by concerns over global trade.
Pakistan posts 2.4 percent growth in third quarter of fiscal year
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Pakistan posts 2.4 percent growth in third quarter of fiscal year
- This month, the central bank cut key policy rate by 100 basis points to 11 percent, citing improved inflation outlook
- The latest aggregates for fiscal 2024/25 show the size of the economy at $410.96 billion up from $371.66 billion
Pakistan says military operation concluded in Balochistan, 216 militants killed
- Separatist BLA militant group claimed responsibility for coordinated attacks across Balochistan last week
- Military says 36 civilians, 22 law enforcement and security forces personnel have been killed in attacks
PESHAWAR: Pakistani forces have concluded a security operation in the southwestern Balochistan province and killed 216 militants after a series of coordinated attacks by separatist militants last week, the military’s media wing said on Thursday.
Separatist militant group Baloch Liberation Army (BLA) claimed responsibility for a series of attacks in Balochistan last Friday and Saturday in multiple districts across the province, one of the deadliest flare-ups in the area in recent years.
Pakistan military’s media wing, the Inter-Services Public Relations (ISPR), said security forces launched operations in Panjgur and Harnai district’s outskirts on Jan. 29 based on intelligence confirming the presence of “terrorist elements,” killing 41 militants.
It said the military launched a broader series of intelligence-based operations in multiple areas of the province after that to dismantle “terrorist sleeper cells,” referring to it as “Operation Radd-ul-Fitna-1.”
“As a result of these well-coordinated engagements and subsequent clearance operations, 216 terrorists have been sent to hell, significantly degrading the leadership, command-and-control structures and operational capabilities of terrorist networks,” the ISPR said in a statement.
The military said 36 civilians, including women and children, were killed by militants while 22 security forces and law enforcement personnel also lost their lives.
The ISPR said a substantial cache of foreign-origin weapons, ammunition, explosives and equipment were also recovered during the counteroffensive operations.
“Preliminary analysis indicates systematic external facilitation and logistical support to these extremist proxies,” the statement said.
The military said Pakistan’s armed forces remain steadfast in their resolve to combat “terrorism,” vowing that counterterror operations will continue until militants are completely eliminated.
“Operation Radd-ul-Fitna-1 stands as a testament to Pakistan’s and particularly Balochistan’s proud peoples’ unwavering commitment to always prefer peace over violence, unity over division and development over violence,” the ISPR said.
Pakistan’s government has accused India of being behind the militant attacks in Balochistan, charges that New Delhi has rejected as “baseless.”
Balochistan, Pakistan’s largest province by land area, has long faced a separatist insurgency that has intensified in recent years. Militants frequently target security forces, government officials, infrastructure projects, foreigners and non-local workers.
The province holds vast reserves of minerals and hydrocarbons and is central to the multibillion-dollar China-Pakistan Economic Corridor (CPEC), a flagship component of China’s Belt and Road Initiative.
Separatist groups such as the BLA accuse Islamabad of exploiting Balochistan’s natural resources while denying locals a fair share. Pakistan’s civilian and military leadership reject the claim and say they are investing in the province’s development.
