Economic Survey for FY24 to be Released Tomorrow: A Brief Overview
Published on: June 12, 2024.
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Economic Survey of Pakistan
The Economic Survey of Pakistan for the fiscal year 2023-24 (FY24) will be unveiled on Tuesday, according to a press release from the finance ministry. It is a pre-budget document that highlights the major socio-economic achievements of the outgoing fiscal year. Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, will launch the survey.
Comprehensive Details
The survey aims to provide comprehensive details on the socio-economic developments, performance, and trends across various sectors. These sectors include agriculture, manufacturing and industry, services, energy, information technology and telecom, capital markets, and more. It will also cover annual trends in major economic indicators such as inflation, trade and payments, public debt, population, employment, climate change, and social protections.
Economic Challenges and Growth
The Pakistani economy faced substantial challenges at the beginning of the fiscal year 2023-24 due to lingering impacts from the previous year’s economic disruptions. However, despite these obstacles, the economy experienced a modest recovery, growing by 2.4% over the year.
Agriculture played a crucial role in driving this growth, expanding by 6.3% thanks to strong outputs in wheat, cotton, and rice. On the other hand, the industrial sector only grew by 1.2%, primarily due to a slowdown in large-scale manufacturing.
There were positive developments in mining and quarrying, small-scale manufacturing, and construction. The services sector witnessed a growth of 1.2%, with sectors like wholesale and retail trade growing by only 0.3%. Transport, storage, and communications also experienced muted growth of 1.2% due to subdued demand.
Revenue Collection and Expenditure
Revenue collection from July to March 2023-24 increased by 41%, exceeding the total expenditure growth of 36.6%. Both tax and non-tax revenues saw significant increases of 29.3% and 89.8% respectively. Markup expenditures accounted for 40% of total expenditures.
Inflation Trends
From July to April 2023-24, the average inflation rate was reported at 26%, slightly lower than the 28.2% recorded in the same period the previous year. Inflation has been consistently declining since January 2024.
