Pakistan has posted a gross domestic product (GDP) growth of 3.04% during FY2025, estimates released by the Pakistan Bureau of Statistics (PBS) on Wednesday showed.
The growth is higher than the 2.68% estimated by the National Accounts Committee (NAC) during the previous meeting.
“The updated growth rates in agriculture, industry and services are 1.51%, 5.26% and 3% as compared to earlier growth rates of 0.56%, 4.77% and 2.91% respectively,” said NAC in its 114th meeting held today.
In agriculture, while important crops have slightly improved from -13.49% to -13.12%, other crops have witnessed significant improvement from 4.78% to +19.55% due to double-digit growth in the production of green fodder (16%), vegetables (12%), fruits (10%), and tobacco (25.7%).
Meanwhile, livestock has decreased from 4.72% to 2.94% because of an increase in fodder inputs. Further, updated growth rates in forestry and fishing are 2.66% and 1.40% respectively.
According to NAC, the updated growth in industry during FY2025 is 5.26% as compared to 4.77% estimated previously.
“The mining & quarrying industry has improved from -3.38% to -2.35% due to improvement in oil (3.5%), limestone (31.6%), marble (11.6%), and exploration cost (26.1%). Large-scale manufacturing, which is measured through Quantum Index of Manufacturing (QIM), has improved from -1.53% to -0.69%,” read the release.
Meanwhile, the services industry has increased from 2.91% to 3% in FY2025 with positive contributions from all the constituents.
“Wholesale and retail trade has improved to +0.46% from 0.14% because of improvements in agriculture, manufacturing, and imports. The transport and storage industry has improved to +2.43% from 2.20% due to upward revisions reported by NTRC, PIA, domestic airlines, CAA, foreign airlines, KPT and storage activities.
“While information & communication has slightly declined from 6.48% to +5.85%, finance & insurance has improved from 3.22% to +3.90% due to improvement in the insurance industry,” it added.
Size of economy
According to NAC, based on the latest figures of the national accounts aggregates for FY2025, the overall size of the economy stands at Rs113.7 trillion, i.e. $407.2 billion, as compared to Rs105.2 trillion i.e. $371.8 billion in the previous year.
Further, per capita income in Rupees is 506,188/- i.e. $1,812, the NAC data showed.
Quarterly figures
The NAC approved revised quarterly GDP growth rates for Q1, Q2, & Q3 and fresh growth of Q4 during FY 2024-25. Overall GDP witnessed upward revisions in the first three quarters from 1.37% to 1.80% for Q1, from 1.53% to 1.94% for Q2, and from 2.40% to 2.79% for Q3.
“These changes are mainly due to upward revisions in annual benchmarks in agriculture, resulting in improved growth rates,” the committee said.
During Q4 of FY2025, the economy posted a growth of 5.66%. The growth in agriculture, industry and services stands at +0.18%, +19.95% and +3.72%, respectively.