KARACHI: The National Accounts Committee (NAC) approved the revised quarterly and annual national accounts estimates for the fiscal year 2024-25, showing an improvement in the overall Gross Domestic Product (GDP) growth rate to 3.04 percent compared with 2.68 percent estimated earlier.
The 114th meeting of the NAC was chaired by the Secretary, Ministry of Planning, Development and Special Initiatives, a news release said.
According to the latest estimates, the economy posted a strong 5.66 percent growth during the fourth quarter (Q4) of FY2025, which lifted the annual GDP growth above previous projections. The sector-wise growth stood at 1.51 percent in agriculture, 5.26 percent in industry and 3.0 percent in services.
The size of the economy has reached Rs113.7 trillion (US$ 407.2 billion) in FY2025 as compared to Rs105.2 trillion (US$ 371.8 billion) in the previous year, while per capita income increased to Rs506,188 (US$ 1,812).
The committee approved upward revisions in GDP growth for the first three quarters of FY2025 – 1.80 percent in Q1, 1.94 percent in Q2, and 2.79 percent in Q3 – compared with 1.37 percent, 1.53 percent, and 2.40 percent presented earlier.
The improvements were mainly attributed to upward revisions in agriculture and industrial output.
During Q4, the industrial sector showed robust growth of 19.95 percent, driven by a surge in electricity, gas, and water supply (121.38 percent) owing to higher subsidies and a favorable base effect. Construction activity increased by 17.65 percent due to higher cement production and enhanced infrastructure spending.
Agriculture exhibited mixed trends as important crops declined by 17.55 percent, while other crops grew by 17.99 percent, led by higher output of fodder (14.2 percent), onions (12.6 percent), and mangoes (26.4 percent). Livestock, forestry, and fishing also recorded positive growth during the quarter.
The services sector expanded by 3.72 percent in Q4, with all sub-sectors contributing positively. Wholesale and retail trade grew by 2.08 percent, transportation and storage by 4.06 percent, information and communication by 3.13 percent, finance and insurance by 6.81 percent, and public administration by 12.87 percent.
For FY2024, the committee approved an updated GDP growth rate of 2.58 percent, up from 2.51 percent reported earlier. Agriculture maintained growth at 6.40 percent, while industry and services improved slightly to -1.19 percent and 2.25 percent, respectively.
The NAC appreciated the efforts of the National Accounts team of PBS and the support of the Ministry of Planning, Development and Special Initiatives, the Ministry of Finance, and the State Bank of Pakistan in the preparation of the quarterly and annual GDP estimates.
