Pakistan’s Economic Survey 2023-24 Revealed Today
Published on: June 12, 2024.
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Economic Survey of Pakistan 2023-24 reveals positive growth in major sectors
The Economic Survey of Pakistan 2023-24, the pre-budget document, has been launched to showcase the major socio-economic achievements of the outgoing fiscal year. Federal Minister for Finance and Revenue Muhammad Aurangzeb unveiled the survey, which provides detailed insights into various sectors such as agriculture, manufacturing & industry, services, energy, information technology & telecom, capital markets, health, education, transport, and communication. The survey also highlights key economic indicators including inflation, trade and payments, public debt, population, employment, climate change, and social protections.
Positive growth in agriculture sector drives overall economic recovery
The survey reveals that Pakistan’s economy faced significant challenges at the beginning of 2023-24 due to the lingering impacts of the previous year’s economic disruptions. However, the economy showed moderate recovery and grew by 2.4% in 2023-24. The primary driver of this growth was the agriculture sector, which saw a growth rate of 6.3%. This growth can be attributed to the bumper outputs of wheat, cotton, and rice.
The industrial sector grew by 1.2%, primarily due to a slowdown in large-scale manufacturing activities. However, the mining and quarrying, small-scale manufacturing, and construction sectors experienced some growth. The services sector also registered a 1.2% growth, with wholesale and retail trade contributing a mere 0.3% growth. The transport, storage, and communications sector recorded a low growth rate of 1.2% due to subdued demand.
Total revenue collection surpasses expenditure
The survey highlights that total revenue collection grew by 41% during July-March 2023-24, outpacing the 36.6% growth in total expenditure. Both tax and non-tax revenues experienced significant growth, with 29.3% and 89.8% growth, respectively. Markup expenditure accounted for 40% of the total expenditure.
Inflation shows a declining trend, NEC approves five-year national development plan
During July-April 2023-24, average inflation stood at 26%, compared to 28.2% in the same period of the previous year. The survey indicates a steady decline in the inflationary trend since January 2024.
In other news, the National Economic Council (NEC) has approved the five-year National Development Plan and the annual economic growth targets for the financial year 2024-25. The plan aims to develop all parts of the country, particularly the less developed areas, increase exports, promote small and medium industries, provide social protection, alleviate poverty, enhance workforce capacity building, and address the impacts of climate change.
Prime Minister Shehbaz Sharif presided over the NEC meeting and emphasized the need for collaboration and consultation with provinces and stakeholders to achieve the country’s economic growth targets. The government aims to utilize existing resources effectively for economic revival and the prosperity of the people. The prime minister also called for the establishment of a committee to make the council more active and aligned with modern requirements.
For more information about the Economic Survey of Pakistan 2023-24, please visit the source.
