Islamabad: Pakistan’s economy grew by 3.04% during the fiscal year 2024–25, reflecting signs of gradual recovery after a period of economic slowdown, according to revised estimates approved by the National Accounts Committee (NAC) in its 114th meeting held at the Pakistan Bureau of Statistics (PBS).
The committee, chaired by the Secretary of the Ministry of Planning, Development and Special Initiatives, reviewed updated quarterly and annual Gross Domestic Product (GDP) figures. The data showed that the country’s total output reached PKR 113.7 trillion (USD 407.2 billion), compared to USD 371.8 billion in the previous fiscal year.
Pakistan’s per capita income also improved to USD 1,812 (PKR 506,188), supported by easing inflation and stable remittance inflows.
Officials said the economy demonstrated a “gradual but sustained recovery,” with growth accelerating from 1.8% in Q1 to 5.66% in Q4, marking one of the strongest quarterly performances in recent years. The rebound was attributed to improved energy availability, a revival in manufacturing and construction, and stability in the services sector.
The agriculture sector recorded a modest 1.51% growth, supported by a 19.9% increase in minor crops such as vegetables, fruits, and fodder, while major crops, including wheat and cotton, declined by 13.12%. The livestock segment grew 3.72%, reflecting relative stability in the rural economy.
The industrial sector emerged as the key growth driver, expanding 5.26% compared to 4.77% last year. Construction rose 6.63%, and the electricity, gas, and water supply category showed an exceptional 28.53% growth due to improved generation and subsidies.
The services sector, which contributes over half of the national GDP, grew by 3%, led by financial services (3.9%), transport and storage (2.7%), and public administration and social security (9.88%).
The investment-to-GDP ratio improved to 13.6%, while national savings stood at 13.1% of GDP. The current account deficit narrowed to USD 1.4 billion (0.3% of GDP) due to better export performance and reduced imports.
Inflation averaged 12.6%, significantly lower than 21.2% the previous year, aided by currency stability and improved food supply. The fiscal deficit was contained at 6.3% of GDP, supported by better revenue collection and disciplined spending.
The NAC noted that Pakistan’s recovery remains gradual but broad-based. It emphasized the need for continued macroeconomic stability, export diversification, and structural reforms to sustain the growth momentum.
Officials described the revised figures as evidence of an “early recovery phase” and expressed optimism that, with consistent policy measures, Pakistan could achieve higher and more stable growth in the coming years.
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