Finance Minister to Unveil Economic Survey 2023-24 Tomorrow

Pakistan Economic Survey, containing the details of major socio-economic achievements during the outgoing fiscal year 2023-24 (FY24), will be launched in a ceremony on Tuesday (tomorrow).

Federal Minister for Finance and Revenue Muhammad Aurangzeb will chair the launching ceremony of the Economic Survey for the outgoing fiscal year.

The survey will highlight the economic gains and losses experienced during FY24.

In FY24 to date, the government has faced significant challenges in meeting crucial economic targets. Economic development, industrial growth, inflation, agriculture, and electricity production have all fallen short of expectations.

After the State Bank of Pakistan raised the key interest rate to 22 percent earlier this fiscal year, the federal government hopelessly failed to meet the inflation reduction target. Inflation spiked to 26 percent compared to the target of 21 percent. Resultantly, economic growth is estimated at 2.4 percent, below the target of 3.5 percent.

The agricultural sector saw mixed results. While the growth rate was 6 percent, surpassing the target of 3.5 percent, major crop production exceeded expectations at over 11 percent against a 3 percent target. However, minor crop production was only 0.9 percent, well below the 3 percent target. Cotton ginning output was up by 47 percent, far exceeding the 7.2 percent target.

Livestock met expectations at 3.9 percent growth, while production by fisheries lagged behind at 0.8 percent against a 3 percent target.

The industrial sector took one on the chin this fiscal year with overall output at 1.2 percent, well below the pre-determined target of  3.4 percent. The manufacturing sector’s output was 2.4 percent, while growth in the services sector was only 1.2 percent.

The import bill for goods is expected to be limited to $55 billion, lower than the $58 billion target. The export target of $30 billion will likely be achieved, leading to a trade deficit of $25 billion, much better than compared to a target of $28 billion.

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