Islamabad May 20 2025: National Accounts Committee approved the provisional growth of GDP at 2.68% during on-going FY 2024-25.
The provisional growth rates in agriculture, industry and services are 0.56%, 4.77% and 2.91% respectively.
In agriculture, important crops have declined by 13.49% due to decrease in production of wheat (-8.91% from 31.81 to 28.98 MT), maize (-15.4% from 9.74 to 8.24 million tons), rice (-1.38% from 9.86 to 9.72 million Tons), sugarcane (-3.88% from 87.64 to 84.24 million tons) and cotton (-30.7% from 10.22 to 7.08 million bales). Despite reduction in the production of grams (-16.6%), other crops have posted a provisional growth of 4.78% due to double-digit growth in the production of potato (11.5% from 8.43 to 9.40 million tons), onion (15.9% from 2.30 to 2.67 million tons), mango (26.7% from 2.09 to 2.65 million tons), and sesame (44.7% from 0.30 to 0.44 million tons). While cotton ginning & miscellaneous component has declined by 19.03%, livestock, forestry and fishing have posted provisional growth rates of 4.72%, 3.03% and 1.42% respectively.
Industry in 2024-25, has shown a growth of 4.77% provisionally. Despite increase in the production of coal (2.84%), mining & quarrying industry has contracted by 3.38% because of decrease in production of natural gas (-7.05%), crude oil (-14.72%) and other minerals. Large scale manufacturing, which is based on Quantum Index of Manufacturing (QIM) (July-March), has witnessed a negative growth of 1.53% with mixed trend in the production of various groups e.g. Food (-0.49%), Beverages (+0.88%), Tobacco (+13.12%), Textile (+2.15%), Wearing apparel (+7.62%), Coke & Petroleum (+4.48%), Chemicals (-5.51%), Non-metallic mineral products (-10.45%), Iron & steel products (-10.94%), Fabricated metal (-17.16%), Electrical equipment (-15.89%) and Automobiles (+40.0%). Electricity, gas and water supply industry has shown a positive growth of 28.88% primarily due to low base effect of FY 2023-24 i.e. -19.86% as well increase in output of WAPDA & companies. Construction industry increased by 6.61% due to increase in construction-related expenditures by the private sector and general government.
Services industry has also shown a growth of 2.91% in 2024-25 with positive contributions from all the constituents. Wholesale and retail trade has witnessed a modest growth of 0.14% because of slower output growth in agriculture and manufacturing. Transport and storage industry has increased by 2.20% because of increase in output of water, air and road transport. Information & Communication has grown by 6.48% due to increase in output of computer programming and consultancy activities (24%). Slower rate of inflation and low base effect has resulted into positive growth rates in Finance & Insurance and Public Administration and Social Security industries at 3.22% and 9.92% respectively. Further, both Education and Human health and Social Work industries have posted positive growth of 4.43% and 3.71% respectively. Other private services have been estimated at 3.64% on the basis of indicators received from the sources.
The economy has posted a stable growth of 2.40% during Q3 of FY 2024-25. The growth in agriculture, industry and services stands at 1.18%, -1.14% and 3.99% respectively. The committee approved the revised first and second quarter estimates of 2024-25. Overall GDP for Q1 and Q2 for FY 2024-25 has witnessed a revised growth of 1.37% and 1.53% as compared to 1.34% and 1.73% estimated in 112th NAC meeting.
