Pakistan sees 2.13pc growth in July-Sept quarter against 0.96pc year earlier
Business
Economy contracted by 0.17pc in 2022-23
KARACHI (Reuters/Web Desk) – Pakistan's economy grew 2.13 per cent in the July-September quarter compared to 0.96pc in the same quarter a year earlier, the Pakistan Bureau of Statistics (PBS) said on Tuesday.
The data for the first quarter of the 2023-2024 fiscal year that ends on June 30 marks the first release of quarterly gross domestic product (GDP) data.
Its introduction has been approved by the National Accounts Committee (NAC) – chaired by the Ministry of Planning, Development and Special Initiatives secretary – as one of the structural benchmarks of the current $3 billion bailout agreed with the International Monetary Fund (IMF).
However, the PBS also revised down the GDP figure for the 2022-2023 fiscal year that ended on June 30 to a 0.17pc contraction from earlier provisionally reported 0.29pc growth.
The GDP estimates have been released to meet the IMF structural benchmark under a tight deadline and are based on available information and data.
Under the structural benchmark of IMF stand-by arrangement (SBA), the PBS was bound to compile and disseminate the first-quarter estimates for 2023-24 and the revised annual estimates for 2022-23 by the end of November.
