GDP, agriculture miss targets as Economic Survey 2024–25 set to be unveiled today
Business
size of Pakistan's economy in the current fiscal year is $411 billion
ISLAMABAD (Mudassar Ali Rana) – The federal government is all set to unveil the Economic Survey 2024-25 today (Monday).
According to official sources, although several economic targets—including GDP, agriculture, and others—were not met, the overall performance shows a “moderate improvement” compared to the previous year.
According to documents available with Dunya News, the GDP growth rate for the outgoing fiscal year 2024-25 stands at 2.68%, significantly lower than the targeted 3.6%, the economic growth rate in the previous fiscal year was 2.51 percent, the agricultural growth rate in the fiscal year 2024-25 was 0.56 percent, and the agricultural growth rate during the previous fiscal year was 6.4 percent.
The industrial growth rate in the fiscal year 2024-25 was 4.7 percent. In the previous fiscal year, the industrial growth rate was 1.37 percent. In the current fiscal year, the growth rate of large-scale manufacturing is 1.53 percent, while in the previous fiscal year, the growth rate of large-scale manufacturing was 0.94 percent.
The documents reveal that the growth rate in the construction sector in the current fiscal year is 6.61 percent, while the growth rate of the construction sector in the previous fiscal year was 1.14 percent.
Similarly, the size of Pakistan's economy in the current fiscal year is $411 billion, while the size of Pakistan's economy in the previous fiscal year was $372 billion.
The per capita income of Pakistanis in the current fiscal year is $1,824 per year, while the per capita income of Pakistanis in the previous fiscal year was $1,680 per year. The primary balance from July to March of the current fiscal year was Rs3,469 billion, while the primary balance from July to March of the previous fiscal year was Rs1,615 billion.
The documents also reveal that the budget deficit from July to March of the current fiscal year is Rs 2,970 billion, while the budget deficit from July to March of the previous fiscal year was Rs 3,902 billion.
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Similarly, the budget deficit from July to March of the current fiscal year is 2.4 percent of the economy, while the budget deficit from July to March of the previous fiscal year was 3.7 percent of the economy.
Exports from July to April of the current fiscal year were $26.89 billion, while exports from July to April of the previous fiscal year were $25.27 billion. Similarly, exports from July to April of the current fiscal year have increased by 7.6pc.
According to the budget document, imports from July to April of the current fiscal year amounted to $48.29 billion, while imports from July to April of the previous fiscal year were $44.9 billion. The trade deficit in the 10 months from July to April was recorded at $21.3 billion, while the trade deficit from July to April of the previous fiscal year was $19.6 billion.
Similarly, cement production in the 10 months from July to April was 37.3 million tons, while cement production in the July to April of the previous fiscal year was 37.4 million tons. One hundred and 11,332 vehicles were produced in the 10 months from July to April, while one hundred and 79,593 vehicles were produced from July to April of the previous fiscal year.
In 10 months from July to April, 24,832 tractors were manufactured, while 38,282 tractors were manufactured from July to April of the previous fiscal year.
Similarly, the sale of petroleum products from July to April of the current fiscal year was 13.22 million tons, while the sale of petroleum products from July to April of the previous fiscal year was 12.4 million tons.
According to the National Economic Survey, wheat production decreased by 9.8 percent, wheat production decreased from 31.8 million tons to 28.9 million tons, wheat production decreased by 2.9 million tons in one year, while rice production decreased by 1.3 percent, rice production decreased from 9.86 million tons to 9.72 million tons, rice production decreased by 140,000 tons in one year.
The national economic survey also states that sugarcane production decreased by 3.8pc in the current fiscal year, with sugarcane production decreasing from 87.6 million tons to 84.2 million tons.
Sugarcane production decreased by 3.4 million tons during the year. Similarly, cotton production decreased by 30.7%, with cotton production decreasing from 10.2 million bales to 7 million bales. Cotton production decreased by 3.1 million bales during the year.
According to the survey, corn production decreased by 15.4 percent, with the production of many crops decreasing from 9.74 million tons to 8.24 million tons. Corn production decreased by 1.5 million tons in one year. Similarly, pulse production decreased by 14.1 percent in one year, with pulse production decreasing from 34,560 tons to 29,658 tons.
The survey further states that vegetable production increased by 71% in one year, vegetable production increased from 295,000 tons to 318,000 tons, and fruit production increased by 4.1% in one year.
In addition, fruit production increased from 375,000 tons to 390,000 tons, while fodder production decreased by 1.8% in one year, with fodder production decreasing from 617,000 tons to 505,000 tons.
