Economy grows 2.5pc in FY24

Pakistan’s economic growth of 2.52 per cent for 2023–24 missed the projected target of 3.5pc, primarily due to a slump in industrial production, according to the data released by the Pakistan Bureau of Statistics (PBS) on Monday. The moderate growth was achie­ved thanks to higher agricultural incomes and worker remittances. The National Accounts Committee (NAC) convened its 110th meeting on Mon­day and approved the revised quarterly GDP growth rates for Q1, Q2, Q3, and new estimates for Q4 in FY24, as well as upd­ated annual growth rates for FY23 and FY24. The Asian Development Bank, in its outlook, also announced a 2.4pc growth for FY24. The bank also forecasts a 2.8pc growth for FY25. The NAC meeting approved the revised quarterly growth rates for Q1, Q2, and Q3 of FY24, which increased to 2.69pc, 1.97pc, and 2.36pc from 2.71pc, 1.79pc, and 2.09pc at the previous meeting owing to annual benchmark changes.