Pakistan GDP grows 2.09% in Q3, supported by agriculture - Hindustan Times
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Pakistan GDP grows 2.09% in Q3, supported by agriculture

Reuters |
May 21, 2024 03:33 PM IST

Last week in its half yearly report, Pakistan's central bank projected real GDP growth of 2-3% for the fiscal year 2024.

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 on Tuesday.

A farmer plants saplings in a rice field on the outskirts of Lahore, Pakistan.(Reuters)
A farmer plants saplings in a rice field on the outskirts of Lahore, Pakistan.(Reuters)

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.

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That compares with a revised 0.21% 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.

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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 programme 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 wheat, cotton, and rice crops contributed to the positive result.

A current account surplus of $491 million has been recorded in April 2024, said Pakistan's central bank, adding that the July-April current account deficit improved significantly to $0.2 billion, compared with $3.9 billion in the year-earlier period.

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