[:en]The Tribune Int’l Staff
ISLAMABAD: Finance minister Muhammad Aurangzeb presented the Pakistani Economic Survey for the fiscal year 2024, highlighting the country’s economic progress despite significant challenges.
The Survey reported a 2.4 per cent growth, driven by primarily by the agricultural sector’s impressive 6.3 per cent growth. The industrial sector grew by1.2 per cent, while the service sector registered a 1.2 per cent growth.
The minister praised the provinces for delivering on their surplus, contributing to a primary surplus.
The current account deficit was significantly reduced to $200 million , from an initial forecast of $6 million.
Revenue collection grew by 41 per cent, outpacing expenditures.
Aurangzeb acknowledged the challenge faced by the economy, including inflation which averaged 26 per cent during July-April 2023-24.
However, he expressed optimism about the future and cited agriculture as a saviour and a huge lever of growth.
The survey’s finding set the stage for the upcoming budget presentation, which is expected to priorities economic growth and stability. With a long and large bailout with the IMF on the horizon, pakistan’s economic future looks promising.
However, the finance minister admitted that inflation remained high averaging 26 percent during July-to April while large scale manufacturing (LSM) contracted by 2.4 per cent, the service sector also missed the target and the trade deficit remained a concern.
Download: Economic Survey 2023-24 here
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