ISLAMABAD (PEN) : The federal government is set to unveil the *Economic Survey for FY2024–25 on June 9, providing a comprehensive overview of Pakistan’s economic performance ahead of the national budget. According to official data, while several macroeconomic targets fell short, some sectors showed **modest yet notable progress*.
GDP Growth Below Target, Inflation Lower Than Expected
Pakistan’s *GDP growth* was recorded at *2.7%, falling short of the **3.6%* target. However, the *inflation rate* offered a silver lining—settling at *5%, well below the projected **12%*, amid persistent global economic pressures.
Per Capita Income and Revenue Collection
Per capita income for the fiscal year stood at *Rs509,174, falling short by **Rs34,794* from the targeted *Rs543,968. On the revenue front, **indirect tax collection* outperformed expectations, reaching *Rs8,393 billion* versus a target of *Rs7,799 billion*.
Mixed Performance in Agriculture Sector
The *agriculture sector* struggled, achieving only *0.6% growth* against the *2% target*. Key crop production declined significantly:
Cotton*: -30.7%
Maize*: -15.4%
Sugarcane*: -3.9%
Rice*: -1.4%
Wheat*: -8.9%
Conversely, *minor crops* exceeded expectations with *4.8% growth*, driven by improved yields in vegetables, fruits, oil seeds, and green fodder.
Industry and Manufacturing: A Mixed Bag
The *industrial sector* recorded *4.8% growth, surpassing its **4.4% target*, led by gains in textiles, automobiles, garments, tobacco, and petroleum products. However, declines were noted in chemicals, iron and steel, and food processing.
*Large-scale manufacturing* contracted by *-1.5%, falling significantly short of the **3.5% growth* target. On the other hand, *small-scale industries* showed resilience, posting *8.8% growth* compared to the *8.2%* target.
Services, Construction, and Utility Sectors
The *services sector* lagged with *2.9% growth* (target: 4.1%), while the *construction sector* outpaced expectations at *6.6% growth* (target: 5.5%).
A remarkable uptick was seen in the *electricity, gas, and water supply* sector, which surged by *28.9%, far exceeding the **2.5%* target.
Health, Education, and Lending Trends
Health sector* growth: *3.7%* (target: 3.2%)
Education sector* growth: *4.4%* (target: 3.5%)
Private sector lending* rose significantly from *Rs294 billion* to *Rs870 billion*
Tax-to-GDP Ratio Sees Improvement
Total revenue grew by *36.7%, reaching **Rs13,367 billion. The **tax-to-GDP ratio* also improved from *6% to 8%*, reflecting enhanced fiscal discipline and better revenue mobilization.The *Economic Survey of Pakistan* serves as a detailed annual review of the country’s economic indicators and sectoral performance. It precedes the federal budget and highlights both progress and persistent challenges in key areas.
