Pakistan’s GDP increased by 2.09% in the third quarter of fiscal year 2023-2024
Pakistan’s GDP:
Pakistan’s GDP increased by 2.09% in the third quarter of fiscal year 2023-2024, driven by agriculture, according to a news release from the Pakistan Bureau of Statistics on Tuesday.
The Bureau issued a statement predicting the GDP‘s preliminary growth rate at 2.38% for the fiscal year ending in June 2024. In contrast, the economy contracted by 0.21% in 2023 due to political uncertainty, higher taxes and gas costs, import restrictions, a severe decrease in the rupee’s value, and rapidly rising inflation.
In its semi-annual report last week, Pakistan’s central bank predicted real GDP growth of 2-3% in fiscal year 2024.
The Bureau revised its earlier estimates of 2.5% and 1% for the first and second quarters of the fiscal year 2023-2024 to 2.71% and 1.79%, respectively.
It also claimed that the provisional forecasts for fiscal year 2024 growth in agriculture, industry, and services were 6.25% and 1.21%, respectively.
“The healthy growth of agriculture is primarily due to double-digit growth in important crops,” the bureau stated, adding that bumper crops of wheat, cotton, and rice contributed to the positive outcome.
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