Pakistan’s economy grew by 2.4% during the third quarter (January–March) of fiscal year 2024–25, according to the Pakistan Bureau of Statistics (PBS). The data was shared following the 113th meeting of the National Accounts Committee (NAC). Although this represents positive growth, it still falls short of the government’s full-year target of 3.6%, signaling a need for further economic improvement.
Agriculture and services sectors saw some growth during this period, while the industrial sector faced a downturn. Agriculture grew by 1.18% in Q3, despite significant setbacks in important crops, which saw a sharp decline of 11.14%. However, other crops showed a positive performance, growing by 4.84%. Key contributors to this growth included a rise in the production of onions (11%) and mangoes (26%). Additionally, livestock (4.42%), forestry (4.25%), and fishing (0.50%) recorded positive growth rates, helping the agriculture sector maintain some momentum.
The industrial sector, on the other hand, contracted by 1.14% in Q3. Significant declines were seen in mining and quarrying, down by 3.96%, and construction, which plummeted by 9.12%. Moreover, the electricity, gas, and water supply sectors experienced a sharp decline of 7.72%. Large-scale manufacturing also decreased slightly by 0.89%. These declines in industrial output limited overall GDP growth for the quarter.
Meanwhile, the services sector displayed stronger growth with a 3.99% increase. Key industries within services, such as information and communication, saw an impressive rise of 18.44%, while finance and insurance grew by over 10%. Public administration, health, education, and retail trade also showed positive growth, contributing to the sector’s strong performance and helping balance the slowdown in industry.
The NAC also revised previous GDP growth figures. The final GDP growth for 2022–23 was updated to a slight contraction of -0.21%, an improvement from the earlier estimate of -0.22%. The committee also approved revised growth figures for Q1 and Q2 of FY 2023–24, at 1.37% and 1.53%, respectively. With the updated data, the total size of Pakistan’s economy is now estimated at Rs114.7 trillion (approximately $410.96 billion), and per capita income stands at Rs509,174, or around $1,824.