The 113th meeting of the National Accounts Committee (NAC) on Tuesday approved a provisional GDP growth rate for FY2024-25 of 2.68%, less than the 3.6% targeted in the federal budget.
The NAC meeting also approved the quarterly GDP growth rates for the first three quarters of FY2024-25 and the annual growth rates for FY2022-23 (-0.21%) and FY2023-24 (2.51%).
The meeting noted a 1.14% contraction in industry during this fiscal year, while agriculture and services posted growth of 1.18% and 3.99%, respectively. “In agriculture, although important crops have declined by 11.14%, other crops have grown by 4.84% on account of double-digit growth in the production of onion (11%) and mango (26%). Livestock (4.42%), forestry (4.25%) and fishing (0.50%) have also registered positive growth rates during Q3 FY2024- 25,” it said.
The NAC cited 3.96% reduction in mining and quarrying, 0.89% reduction in large-scale manufacturing, 7.72% reduction in electricity, gas and water supply and 9.12% reduction in construction as reasons for the negative growth rate in industry.
“The overall growth in services is 3.99% during Q3 2024-25 with all the constituents contributing positively i.e. wholesale and retail trade (+1.57%), transportation and storage (+0.67%), information and communication (+18.44%), finance and insurance activities (+10.65%), public administration and social security (+13.73%) education (+4.63%), health and social work (5.06%) and other private services (+2.93%),” read the NAC statement.
The provisional growth rates in agriculture, industry and services are 0.56%, 4.77% and 2.91%, respectively.
Citing national accounts aggregates for FY2024-25, the NAC determined the overall size of the economy at Rs. 114.7 trillion i.e. $410.96 billion against Rs. 105.1 trillion the previous year. It also determined per capita income in of Rs. 509,174 or $1,824.